Logo for the Law Offices of Linda J. MacKay

Schedule Your Free Consultation Today: 408-379-9600

  • Home
  • About
  • Practice Areas
    • Estate Planning
    • Estate Plan Taxation
  • Blog
  • Contact
  • FAQs
Logo for the Law Offices of Linda J. MacKay

P:  408-379-9600

  • Home
  • About
  • Practice Areas
    • Estate Planning
    • Estate Plan Taxation
  • Blog
  • Contact
  • FAQs

Six benefits of having an estate plan

On Behalf of Law Offices of Linda J. MacKay | Oct 23, 2019 | Firm News

You may have an abundance of wealth or you may only live a modest life. No matter your age, marital or financial status, you can benefit from an estate plan.

According to the American Association of Retired Persons (AARP,) over 50% of American adults, and 78% of millennials do not have a will or living trust.

Your personal needs and wealth allocation are only a couple of the six benefits of estate plans discussed below.

  1. Decision-makers: If you’re put in a circumstance, whether medical, travel-related or otherwise that leaves you unable to make a decision, a living or revocable trust holds assets for you while you’re alive and names those you wish to receive said assets and property when you die.
  2. Wealth distribution: When you pass away, you want your wealth and legacy to live on. A will is a universal estate planning document that is assigned an executor or personal representative to follow your wishes and allocate property accordingly. With a will, you can also assign a guardian for your minor children. Some assets, like life insurance, retirement accounts, and annuities require named beneficiaries, thus they don’t need to be included in a will, but don’t forget about them.
  3. Minimize taxes on wealth transfers: Thanks to The Tax Cuts and Jobs Act of 2017, you are now allowed to distribute more money at the time of your death, 0r while you’re alive, with tax transfer fees. The act also allows individuals to supply yearly tax-free gifts to beneficiaries up to $15,000 and $30,000 for married couples and may medical and educational expenses without having to pay a “gift tax.”
  4. Philanthropic planning: Do you want some of your assets to go toward an important charity? If so, planning must be done ahead of time.
  5. Protect family wealth: wealth transfer strategies go hand in hand with wealth protection. If your family is well-to-do, consult an estate planning attorney to determine which wealth protection method (there are numerous) is right for your situation. These methods are designed to protect your assets from creditors should lawsuits and claims pop up.
  6. Wealth preservation for future generations: Preserve your family’s wealth for the long term by developing an estate plan. Estate plans allow you to determine planning goals, initiate family conversations about the best way to allocate your wealth and educate your children; especially adult children about financial approaches to create and sustain the family’s wealth and legacy.

Estate planning can be scary because it makes you think about your future and eventual death, which, let’s face it, is a topic many people want to avoid at all costs. If you want your family and loved ones to be secure, take the wise step of creating an estate plan.

  • Twitter
  • LinkedIn
  • Facebook

Recent Posts

  • 5 tips for building generational wealth
  • Can you plan your funeral in your estate plan in California?
  • 3 tips for choosing the right guardian for your children
  • When should you add an advance healthcare directive to your will?
  • 4 scenarios that warrant an update to your estate plan

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • November 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • October 2019
  • June 2019

Categories

  • Estate Planning
  • Firm News
  • Health Care Directives
  • Trusts

RSS Feed

Subscribe To This Blog’s Feed

Get In Touch With Us

Logo for the Law Offices of Linda J. MacKay
Law Offices of Linda J. MacKay
1361 S. Winchester Blvd.
Suite 210
San Jose, CA 95128

Phone: 408-379-9600

San Jose Estate Planning Law Office
  • Follow
  • Follow
  • Follow
Review Us

© 2023 Law Offices of Linda J. MacKay • All Rights Reserved

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters