Five ways that estate planning shows your loved ones that you care include the following:
1. Reduces the Amount of Estate Taxes Your Beneficiaries Would Be Forced to Pay.
If your estate is subject to state and federal estate taxes, eliminating or reducing those taxes would demonstrate to your loved ones that you care. One way to do this is to hire a Wisconsin estate planning attorney to help you do this with trust planning. Your attorney will be beneficial in helping you find the many ways that you can eliminate these taxes.
2. Provides Lifetime Gifts for Your Loved Ones.
When you provide lifetime gifts for your family members, it further reduces the estate taxes they will need to pay. Besides that, they can begin to enjoy the property that you want them to have now. Your estate planning attorney in Wisconsin can draw up a gifting trust that protects the assets from the federal government and allows your loved ones to take possession of the property.
3. Ensures that the Correct Beneficiaries Are on Your Life Insurance Policy.
To do this, you need to obtain a written confirmation from your life insurance agent that lists your beneficiaries. Only accept a written copy of this document.
4. Ensures that the Correct Beneficiaries Are on Your Retirement Accounts.
People often overlook this necessary duty. You must examine the beneficiaries of your retirement accounts so that you can ensure that they make sense when you compare them to the rest of your estate plan. That’s because someone will have to pay the estate taxes if the account is large enough.
5. Ensures that the Correct Person Is Your Power of Attorney.
Ensuring that the person named as your power of attorney is willing to take responsibility when you are unable to run your own affairs will relieve the stress on your loved ones while you are experiencing a health crisis.