Estate planning is important to everyone, regardless of age or wealth. Estate planning avoids taxes and legal ties, and ensures that funds are legalized the way you want them to. An estate plan designates the right people to take care of your children and even you if you are disabled. Estate planning is about protecting your loved ones, which means, in part, providing them with protection from the internal revenue service (IRS).
It is essential for estate planning to transfer assets to heirs with a view to creating as little tax burden as possible for them. DECIDE WHO RECEIVES YOUR PROPERTY AT THE TIME OF DEATH, AVOID THE TIME AND COSTS OF LEGALIZATION. Probate is even more costly and time-consuming if real estate is owned by more than one jurisdiction, since real estate must be proven in the jurisdiction where it is located.