The Benefits of Estate Planning
Planning for the long-term future of your finances is an essential step in ensuring that your lifestyle and family are secure when you no longer wish to work. With the assistance of an accounting professional, you can plan and save for a future where you can continue providing for your family.
Fylstra and Fylstra, LLC, has created this guide to help clients understand the benefits of estate planning when creating a plan for your future.
Safeguarding Your Financial Legacy
One of the primary benefits of estate planning is that it allows you to feel comfortable about your family’s financial, even after you retire or choose to stop working. A proper estate plan made with the assistance of an accounting professional can ensure that your money is passed to your chosen beneficiary or beneficiaries and that any debts you owed are paid. This means that you can take care of your family in the long term by passing down the most significant amount wealth, without worrying about excessive taxation or time in probate.
The lack of a sufficient estate plan not only increases the chances that gift taxes can absorb your finances, but that your chosen beneficiaries will be left paying down debts that were previously unaccounted for.
Maximizing Your Retirement
Before passing on your wealth to the next generation, estate planning allows professionals to reap the benefits of their hard work during their retirement. Strategies and tools such as tax planning and savings accounts allow clients to make the greatest use of their wealth, creating a retirement plan that provides for responsible and enjoyable spending. Estate planning or trust formation can be essential to maintaining your quality of life after you have retired.
Focusing on Your Big Picture
We understand that the future can be intimidating, and are committed to providing clients with the peace of mind that comes with having an actionable plan for yourself and your family. Estate planning with a professional accountant can help you focus on daily life and ensures that you do not have potentially life-changing events looming over you, such as retirement or illness.
Whether you are looking to plan for your retirement, and want to protect your family’s financial well-being after you are no longer around, contact Fylstra and Fylstra, LLC, today. Our Hawthorne firm is committed to providing long-term support for clients’ finances that helps them to relax and look forward to their future.