Estate planning might help to structure the distribution of wealth among the deceased’s children, spouse, and friends and relatives, and the second objective was to accomplish tax planning goals.
Since the federal estate tax could be applicable for the decedent’s children, appropriate estate planning here helps wealth owners to protect the assets from avoidable taxation.
However, there has been a major shift in the way the estate planning market works in recent years, and there are two factors behind this change. The first is the advent of DIY estate planning kits online, which may or may not be entirely accurate and could expose your loved ones to a variety of different problems.
However, many Americans are now turning to equity as an investment class, and real estate as an investment strategy is finding fewer people picking it up every single year. A recent study found that only half of millennials see real estate as a good investment, which is a significant decrease of up to 20 percentage points across two years. This could have important impacts for how the estate planning market works since the value of stocks will fluctuate much more than real estate does.
Anyone who owns stocks, real estate, or other assets, should consider putting together estate planning materials and documents sooner rather than later to ensure that these items are protected in the event that something were to happen to you like an incapacitation or suddenly passing away. Schedule a consultation with an experienced lawyer today to learn more.