Basic Estate Planning

Estate Planning Time

Estate planning, have you looked into it?  Essentially, it’s an essential part of tax planning.

Estate planning gives direction for what you want done after you pass.  Basically, without it your estate can be held up in litigation.

You need to do estate planning, regardless of whether or not you are among the ultra-rich. Additionally, even those who have won the lottery or have substantial wealth can fall victim to poor planning.

While federal estate taxes may not concern you, you need to have proper planning to have your wishes honored after your death. Without planning, state law dictates the distribution of your assets, which may not align with your intentions. Additionally, if you have minor children, estate planning allows you to name a guardian to care for them in the event of your untimely passing.

Further, your heirs will want to avoid probate because it can be a costly and time-consuming legal process. With estate planning, a living trust gives you a valuable tool to avoid probate. By transferring legal ownership of your assets to the trust, you can ensure that your beneficiaries receive them without suffering through probate.

Furthermore, you can amend your living trust as circumstances change, providing flexibility and control over your assets with proper estate planning.

It is also essential to keep your beneficiary designations up-to-date, as they take precedence over wills and living trusts regarding asset distribution.

Additionally, if your estate will suffer from federal or state death taxes, you should plan to minimize your exposure with proper estate planning.

Estate planning is not a one-time event but a process that you should review and update regularly to accommodate life changes and fluctuations in estate and death tax rules. It is recommended that you check your estate planning options annually to ensure it aligns with your wishes and circumstances.

Sterling Can Help!

Sterling Tax and Accounting is here to help your business with tax planning!  Our comprehensive approach to tax planning helps reduce your overall tax liability and keep more money in your pocket.  If all your accountant does is file your taxes, chances are they are making you pay more than your fair share of taxes.

Learn how to proactively save on taxes by scheduling a call with our tax planning specialists.

Our tax planning, accounting & business services help you stay on track. Sterling Tax & Accounting will work with you to optimize your business and minimize your taxes. We will work to provide you and your business with the tools and resources you need to build a solid tax and business foundation. We’re a trusted CPA Firm in Sarasota, Florida. We serve clients all over the US, and proactively work to minimize their taxes.

Welcome to the Sterling Standard of business!  Want to learn more?  Schedule a meeting with our tax planning team here: https://www.sterling.cpa/contact-us/ 

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