It is a process of anticipating and arranging for the disposal of an estate during a person’s life and planning of eliminating uncertainties over the administration of a probate. Effective and efficient estate planning also maximizes the value of the estate by reducing taxes and other expenses.
With a proper estate planning, you can leave a legacy to your family and loved ones. If you don’t plan it well it may cause emotional and financial distress to your spouse, family, other loved ones and beneficiaries. It takes years of hard work and commitment to save for retirement and own a property. It is crucial to understand how your estate liabilities might effect you for example: unpaid taxes, capital gains, business liabilities, capital gains, car loans, unpaid taxes, and debt related to mortgage.
We plan ahead so that most of your wealth is transferred in a simple and tax-efficient manner to your heirs and debt obligations are taken care of as well.
Something called “Human Nature” has always prevented us from talking about our own mortality. We don’t like to think: “One day I wont be able to manage my affiars.” To take care of the ones you love, we need to deal with this. Since it can happen anytime, everyone should deal with it at the very present moment, regardless of age.