Estate Planning Strategies by Beneficiary

The Basics of Estate Planning Strategies

This article will help you to understand why you need estate planning strategies by the beneficiary. It will also help you to work out which are the best options for you from gifts to charities to the people in your life that matter most to you.
Blue Cardboard

The People in Your Life Matter

It’s essential to work out who your beneficiaries will be and see what options are available for them.

A beneficiary is someone who inherits your assets from you.  It would be best if you decided who should get your assets.

Look at the following when you do your estate planning:

  • Reduce taxes where you can.
  • Make sure your spouse or partner or beneficiaries are looked after.
  • Donate to your favourite charity.
  • Make sure your affairs are well looked after in the event of you becoming ill.

Speak to a financial advisor or your attorney or a tax advisor when doing estate planning.

Gifts Are an Option

Here are some options to look at:

  • The annual gift tax exemption will help you reduce the size of your estate and thereby reduce your inheritance tax.¹
  • Look at paying educational and medical expenses for family members. If you pay the institution directly, you avoid the gift tax.²
  • Invest in a grandchild’s retirement future. Speak to a financial advisor for independent advice on the various options available to you.

Common Questions

What Is Meant by Estate Planning?
When Should You Do Estate Planning?
What Is the Difference Between Will & Estate Planning?
What Are the Advantages of Estate Planning?

In Conclusion

Putting strategies in place to work out how best to distribute your estate is something important we all have to do. It’s essential to look at your financial affairs and carefully plan out how you want your assets to be distributed when you die. Estate planning can help you to look at the options available to you to make sure your beneficiaries will be looked after when you are deceased.  

How Much Can You Release?

ER Calculator

Value Of Your Home?


(Drag the Slider)

0

We Hate Spam as Much as You. 100% Secure.

Search

In This Article

Most Read

How Much Can You Release?

Most people are using Equity Release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.

Your Journey to Financial Success Starts Here

Malcare WordPress Security