Estate planning is a vital part of one’s overall financial plan. It gives one greater financial control, privacy, and an opportunity to leave one’s estate to one’s loved ones.
Glendale, CA -- (ReleaseWire) -- 04/27/2018 --In this world, nothing can be said to be certain except death and taxes. Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death, while minimizing gift, estate, and income tax.
As a full-service planning firm, Legacy Partners Insurance and Financial Services provide insurance and financial protection for individuals, families, business owners, and their employees.
By making an estate planning in Pasadena and Sherman Oaks, one can name who one wants to receive the things one owns after one's death. However, it does not stop here. It also includes instructions for passing one's values (religion, education, hard work, etc.) in addition to one's valuables. It also includes instructions for one's care if one becomes disabled before one dies.
There are many other benefits of making an estate planning such as including life insurance to provide for the family at one's death, disability income, insurance to replace one's income one cannot work due to illness or injury. It also provides for the transfer of one's business at one's retirement, disability, or death.
If one has enough wealth and one expects one's estate to be taxed at state and federal level, one may want to consider using life insurance in a trust called irrevocable life insurance trust. It provides one potential tax advantages. All one needs is to set it and administer correctly. Given the complexities involved, it requires professional assistance to create a legal arrangement. As the trust is irrevocable, one cannot terminate it or make changes to it, or even withdraw assets once it is set up.
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About Legacy Partners Insurance & Financial Services Inc.
Legacy Partners Insurance & Financial Services Inc. is a renowned California based full service financial planning firm that offers the best insurance policies to the customers as well as helps the clients with estate planning.