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Insurance Having a good retirement plan can be an excellent tax break. If you are someone making substantial amounts of money, chances are you will probably be in a higher tax bracket. As part of an overall estate planning Salt Lake City strategy, many people will open retirement accounts which compound tax-free over a number of decades. In later years, income tax is only paid on annual distributions. Retirement and Estate Planning Retirement plans can be integrated into an estate plan. However, it should be noted that if you have a legal will, the beneficiary designation of a retirement account will override it in most cases. What this basically means is that if you start a new will designating a different beneficiary, it’s also necessary to update your retirement plan beneficiary designation. Therefore, the account passes to whoever is named as heir at time of death. Always be careful and avoid re-titling a retirement account in the name of a trust. This is because it’s considered a distribution, which might prompt early penalties and taxes. Estate Planning and Senior Clients In order to avoid court proceedings after death, or upon a disability, seniors should set up a comprehensive estate planning Salt Lake City strategy. For older persons, quite often trusts will be used to replace wills as they require court proceedings for estate settlement. This can save families valuable time in settling estates, along with the high cost of a legal proceeding. Planning ahead will help to maintain control of an estate, and will avoid situations that might not be in a person’s best interest. Regular Review of an Estate Plan At a minimum, estate planning should be completely reviewed every three years. This is to determine any changes in the individual’s personal life including health issues, financial assets, or other factors which may impact their estate planning strategy. It’s unrealistic to expect plans established several decades ago to still be effective. There can be a number of reasons a person would want to change certain aspects of their estate plan. Importance of Estate Planning While not everybody has a huge estate, no matter what size, it’s important to think about estate planning and trusts. Although the initial phase of putting together a good plan can take time, once it’s in place it’s easy to update. Therefore, due to the many complexities involved, it’s recommended to have an estate planning Salt Lake City professional guide you through the process. About the Author: 相关的主题文章: