- According to the American Bar Association, estate planning is the process of planning how your property will be transferred upon your death. Retirement planning in the estate planning process refers to deciding who retirement plan beneficiaries will be as well as creating trusts for the retirement plan distributions.
- Estate planning utilizes wills and trust to maximize income earned during the lifetime of the trust creator and minimizes estate taxes and probate fees after their death. The planning process may involve the creation of inter-vivos trusts created during your life, powers of attorney for your protection should you become incompetent to care for yourself or other types of trusts for retirement plans which will save you or your heirs and beneficiaries taxes.
- Estate and retirement planning often involves the use of financial planners, attorneys and accountants to benefit from the experience of each in determining the planning methods to be utilized. Each of these professionals determine the appropriate tax saving and investment strategies to be used.
- Advertisement -
- Advertisement -