Effective estate planning will ensure that your assets are transferred efficiently, and your legacy is protected after your death. You should look at the best interest of your loved ones when it comes to preservation of family wealth. Here are five invaluable tips that we believe can prove invaluable for successful estate planning.
1. Charitable Contributions
Charitable contributions can provide benefits in multiple ways. Not only will it result in personal satisfaction, it will also help you maximize the amount received by the beneficiaries from the estate. Charitable contributions can be deducted from the estate taxes. In this way, you can leave a larger amount for your loved ones.
2. Gift Tax Exclusion
Did you know that if your estate is worth more than $5.49 million, you can reduce the estate tax liability through the gift tax exception? This tax exception can help you to gift around $15,000during your lifetime without paying any taxes. The gift tax exemption will allow you to reduce the taxable amount. As a result, your family members can receive a maximum amount from the estate upon your death.
3. Make Sure the Estate Plan can be Found
Many people don’t tell their loved ones about the estate plan. Therefore, the assets go through the costly probate process leaving little for the beneficiaries. That’s why it’s essential that you tell at least one trusted individual about the estate plan.
4. Know the Goal of the Estate Plan
When formulating an estate plan, you should keep the end goal in mind. Your estate planning goals will depend on your marital status and the type of assets you own. A more detailed planning will be required in case you own a business and have minor children.
5. Get Help of a Qualified Estate Planning Attorney
You should contact a licensed and experienced estate planning attorney in Chicago, IL. Getting the help of a professional estate planning attorney will help in formulating goals for the estate plan. The attorney can help you formulate an effective estate plan that ensures maximum protection of your assets.
A professional estate planning attorney will help you inventory all the assets and decide how the assets are distributed. This can help in avoiding potential conflicts after you pass away. You can rest at ease knowing that your loved ones will benefit the most from your assets. It will safeguard their financial future and ensure that they don’t suffer after your demise.
Many people don’t plan their estates properly. This leaves the beneficiaries to deal with the repercussion of a poorly planned estate.In case you want professional help for estate planning, you can contact one of our estate planning lawyers serving Aurora and Chicago today.
We have a team of dedicated and dependable estate planning attorneys who can guide you in making an effective estate plan. You should not let your loved ones suffer after you pass away. Call us today by dialing 312-313-7018for effective estate planning.