Estate planning is the coordination and distribution of assets in the event of your death or incapacity. Regardless of age or wealth, estate planning is essential for everyone as it allows you to maintain control of and properly allocate what’s most important to you.
Another benefit of estate planning is that it can help to minimize estate taxes - federal taxes that are imposed on the transfer of property at death. For instance, if your estate is valued above the estate tax exemption, your heirs may have to pay estate taxes on the excess value. Estate planning can help reduce the amount of estate taxes that your heirs owe.
Estate planning also ensures that your loved ones are taken care of in the event of your death or incapacity. For example, you can create a trust to provide financial needs for your minor children or to guarantee your spouse is financially secure. You can also use estate planning to designate a guardian for your minor children or to provide care for your pets.
Including United Way of Martin County in your estate planning is a great way to leave a lasting legacy and ensure that impactful services continue to be provided for our community members in need.
To learn more about estate planning and how to create or update your estate plan, you can contact a qualified estate planning attorney or visit: naepc.org/events/awareness_campaigns.