What is estate planning and why is it important?

1. What is estate planning and why is it important?

2. Estate planning is the process of managing an individual’s estate or asset base during his/her life and after death. It includes preserving, arranging, and distributing your estate to whom you want to receive them in the event of your incapacitation or death. Estate planning involves the settlement of estate taxes, expenses, and financial obligations to reduce or eliminate the uncertainties over the ownership for the smooth transfer of the assets.

3. Estate planning is the way to control how the estate or properties of any individual will be given to the people they care most about. The estate on an individual includes everything he/she owns such as houses, real estate properties, cars, life insurance, checking and savings accounts, stocks, investments, other personal possessions, and debt. The estate planning determines these things as per the wish of the estate owners: • Whomthey want to receive their assets • Whatthey want them to receive • And, when they want them to receive it

4. Why Estate Planning is important? • It protects beneficiaries by preserving family wealth. • It protects young children and provides funding for their education. • It helps your heirs avoid overpaying in taxes. • It helps you choose who to receive your assets. • It avoids family messes.

5. Ph- 775-204-0600 Gmail- Kalickicollier@kalickicollier.com Source- https://kalickicollier.com/2020/05/22/what-is-estate-planning-and-why-is-it-important/