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3 Estate Planning Tips Straight From the Pros

Popular culture often deems the term ‘estate planning’ as something only wealthy people partake in. This couldn’t be further from the truth. The reality of the situation is that even when you don’t think you have an estate, you do. It includes all your assets.

So, even if you don’t think you own much, chances are you do have back accounts, digital accounts, a house, vehicle, clothes, and other significant mementos and possessions.

In order for your assets to be transferred to the intended beneficiaries after you die, you’ll have to plan your estate. Some of the most common objectives of estate planning include:

  • Ensuring your estate is legally transferred to your intended beneficiaries
  • Naming guardians for minor children (if any)
  • Paying the minimum federal and state taxes on your estate

However, in order to refine your estate plan and ensure your assets are protected, consider these tips straight from the professionals.

Double-Check Beneficiary Designations

It’s crucial to review and update all your named beneficiaries on your investment and retirement accounts every few years. This is doubly important after you go through major life events such as marriage, divorce, the birth of children and/or grandchildren.

In certain cases, such as with divorce, the beneficiary status for your ex-spouse may be revoked. If you fail to update the designation for your ex-spouse on a 401(k), your ex-spouse could end up inheriting it.

So, to ensure that your assets are transferred to exactly the people you want it to be transferred to, carefully review and update beneficiary designations.

Ensure You Have a Good Life Insurance Policy in Place

A comprehensive life insurance policy is an efficient means for passing on your legacy to your beneficiaries. The entire purpose of a life insurance policy is to protect your dependents from the income loss incurred when you planner

What’s more is that life insurance is a source of securing liquid assets when an estate is comprised of illiquid assets such as ownership interests, family businesses, and art and antique collectibles.

Have A Revocable Trust in Place

The two primary kinds of trusts are revocable trusts and irrevocable trusts. Typically, when it comes to estate planning, revocable trusts tend to cover most associated problems. They can be funded with assets without having their income tax structure altered. They are efficient when it comes to passing on your estate while avoiding probate. A trustee can easily manage the assets for the intended beneficiaries.

If you’re looking to plan your estate to ensure that your assets are protected, transferred to the right beneficiaries, and you pay the least amount of taxes, you’ve come to the right place.

We are a leading insurance broker in the state of Florida. Our team of financial advisors is comprised of industry experts that are well-versed in the art and science of estate planning. We provide excellent estate tax life insurance FL policies from AAA insurance agencies to customers in Tampa, Jacksonville, Orlando, Miami, and elsewhere in the state.

Get in touch with us today for a toll-free no obligation quote. Call us at (800) 381-1245.


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