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Estate planning is simply a compilation of tools that help you plan the division of assets, values and religious effects after you no longer inhabit this world. It is a necessary job that makes you face the fact that you will not always be around to take care of your loved ones. You can ensure by taking the right steps at the appropriate time that your family enjoys the assets you have painstakingly assimilated in your lifetime. Making Will is the First Step of Estate Panning The first step that you take to take your legacy in control is to make a will. This piece of paper will ensure that you state your desire about who should inherit your property.
When we talk about estate planning, most people have a misconception that it is meant for the older folks and rich and wealthy people. However, it is completely wrong to think that lower-income people don’t need estate planning. Estate planning is meant for everyone irrespective of their age and monetary status. While we say monetary status, it not only means the income that a person earns but also the savings which are actually a more important factor in building an estate. While the high earner comfortably saves, it’s challenging for a low-income individual to save money while fulfilling the basic needs of their family. Estate Planning- Low-income individuals generally are liable either to low or no income tax which is
While we plan our estate, we think planning for our belongings and properties, however, there are some accounts whose distribution is decided according to the beneficiary designated in their documents and are not overpowered by a will. Yes, we are talking about accounts like transfer on death, saving accounts, insurance policies, retirement accounts, etc. In this article, we will be discussing the funds held in the 401(k) plan and naming their beneficiaries. Estate Planning- A 401(k) plan is a defined contribution retirement saving account offered to the employees by the employers in which the employees can contribute a portion of their salary on a tax deferred basis. Employer can also match the employee’s contribution in the plan up to a