What are the Benefits of Estate Planning?
This week on “Retire Wiser,” Joel Johnson, CFP® discusses the often-overlooked topic of estate planning and its key benefits for your overall financial plan.
Estate planning might not be at the forefront of everyone’s mind, but it plays a critical role in long-term financial security. There are three key benefits to be aware of:
- Asset Protection: One of the main concerns people have is protecting their assets from long-term care costs and potential liabilities, such as lawsuits. A well-structured estate plan can safeguard your assets, ensuring they are not easily lost to unforeseen circumstances. It’s essential to have solid legal work done—whether you need a trust or other legal protections should be discussed with your financial adviser and estate planning attorney.
- Reducing Probate Fees and Taxes: Effective estate planning can also minimize taxes and probate fees, saving your estate from unnecessary expenses. Proper financial strategies and legal arrangements can significantly reduce the tax burden and avoid the costly and often stressful probate process. This not only preserves more of your wealth but can also prevent family disputes over the estate.
- Control and Legacy Planning: Many people value the ability to control how their money is used after they are gone. Estate planning allows you to dictate how your assets are distributed, ensuring they align with your wishes and remain within your bloodline.
It is important to not overlook estate planning as part of your financial strategy. By addressing these key areas, you can secure your financial legacy and provide peace of mind for both you and your loved ones.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
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