If you have multiple possible assets that you could use throughout your own retirement, as well as to pass on to heirs or charitable organizations after you pass away, it’s common to wonder about the best way to structure these and to determine your next steps and options.
Passing on assets means thinking carefully about all of these various assets and how you will divide them among your chosen beneficiaries. Creating a personalized plan is necessary since there is no one-size-fits-all approach to estate planning. Your overall financial situation and your intended goals can help direct you for how each asset lines up with your objectives. Formalize your plans by working with an estate planning attorney in your region.
Remember that you can leave behind many different kinds of assets to your chosen beneficiaries. Knowing what you own is key, since you need to create a plan for all your major assets as well as any special items.
Here are some common assets that help loved ones in future generations. They include:
- Life insurance, with over half of American adults holding a life insurance policy, according to one 2023 study, since these can provide tax free death benefits to beneficiaries when structured properly.
- Real estate, since there are tax benefits associated with property ownership.
- Stocks and bonds, which have potential income opportunities and long-term growth.
- Retirement accounts, such as Roth IRAs or 401Ks that enable your heirs to receive tax advantaged accounts.
- 529 college plans, which can support educational goals for future generations.
Deciding the right way to structure all of these may initially feel overwhelming but working with a qualified estate planning attorney can help. Let our Pasadena estate planners support you.