Those approaching retirement having worked their entire life to accumulate wealth for the benefit of their family are best served by working with an Atlanta tax professional and estate planning expert.
Perhaps one of the most daunting tasks is to avoid losing accumulated assets that have taken a lifetime to acquire that end up going to “unintended heirs.” In other words, allowing the tax collector and administrators of the state to benefit at the cost of rightful heirs is simply not acceptable.
That is why it is so important to establish an estate plan early in life. This helps to guarantee that your family will have the financial security that you expect long after you are gone.
Protect The Future
Good estate planning will secure your family’s financial future in the event of your death or incapacitation. Good estate planning will help to reduce taxes, lower administrative costs and eliminate red tape.
Atlanta IRS tax help professionals can guide you through the complexities of today’s modern estate laws. Perhaps most important of all to understand is that estate planning is not just for wealthy individuals.
In truth, estate planning is for anyone wishing to protect the future of themselves and their family from a financial standpoint.
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It should be pointed out that there are large exclusions related to Federal estate taxes that every taxpayer should understand. The exclusion amount can vary from state to state and from case to case.
Taking all considerations into account including everything from life insurance to retirement benefits and the value of real estate and other assets, many individuals may be surprised to find out how much they are actually worth.
Here are a few of the basic elements of any modern estate plan that should never be overlooked.
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First there should always be a will. This helps your family understand your wishes and where property should be allocated. The will also talks about guardians of minors as well as the distribution of all assets including retirement accounts, joint assets, life insurance policies and other items of value.
In addition, good estate planning will include a financial inventory. This will include a list of bank accounts, insurance policies, investments as well as businesses owned and any debt or credit accounts.
Tax related documents income sources and additional information are typically also included. Your IRS tax accountant in Atlanta can help you in detailing this information.
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Finally, most estate planning will have the provision for power of attorney as well as healthcare directives and even funeral instructions. In today’s modern world, detailed documentation is essential to effective estate planning.
Talk with your Atlanta tax lawyer or CPA and estate planning professional to ensure that all your financials are in perfect order at all times. Estate planning is a smart way to protect your family’s future.
Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today for access to experienced and dedicated tax help and assistance.