Real estate planning involves planning your property after death. Your property. It may include money, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc. Real estate planning usually has several goals and objectives. They include:
Security of most of the property is transferred to your beneficiaries.
Payment of the minimum amount of taxes on your property
Assignment of guardians to minor children, if any
Collecting training tasks that serve to manage the assets of an individual base in the event of their disability or death, including the testament of property to heirs, as well as to settle a mass of taxes. Most real estate plans are made with the help of an experienced lawyer in Combi Law.
Some of the main tasks of estate planning include:
- the creation will be
- Limiting the mass of taxes by creating a trust account in the name of the recipient
- Creating a guardian for families
- The name of the artist from the masses to oversee the conditions will be
- Create / update beneficiaries about plans, such as life insurance, IRAS and 401 (K) S
- Making funeral arrangements
- Creating an annual gift to reduce the taxable mass
- Creating a durable power of attorney (PD) for direct other assets and investments
Estate planning is an ongoing process and should be started as soon as one has any asset measurement base. As life progresses and the goals of the transition, the estate plan must move to be in line with the new goals. Lack of proper mass planning can lead to an excessive financial burden for their loved ones (the mass of taxes can work more than 40%), so at least it will be necessary to create even if the property is not taxable more.
The existing difficulties and bureaucratic red tape in the process of planning your property can be endless!
Problems of medical care, life insurance, regular payments, unfair property valuation, costs of burial or cremation, regular payments to the court on probate cases, state taxes – all this is only the tip of the iceberg.
If you are not well versed in your financial and legal rights, with such a wide range of problems this can cost you dearly.
A very common problem of young people is to leave everything “for later”, hoping that in time the problem will be solved by itself. However, this does not happen. Therefore, it is much easier and better to do property planning while you are young, in order to save family welfare and not lose time and money in the future.
Each situation must be taken into account and even the most common problems must be solved. Find out what taxes, what rules of inheritance lawsuits, what delays and costs you could avoid; how to protect the inheritance from potential heir creditors; whether the heir is in a happy marriage, and whether there are children from a previous marriage; This list is almost endless and can be intimidating. However, these points must be resolved. And in this case, it is always better to seek professional and qualified assistance so that your estate planning passes efficiently and carelessly.
Taxes and expenses are not the only problems associated with planning a property. Some people are not able to ponder family issues and distribute inheritance equitably. Asset protection and the efficient transfer of wealth should be considered carefully. Ask yourself the following questions:
What is your future property tax and how will it be financed?
Are you satisfied with the fact that everything that you plan to do will be completed on time and all relevant documents will be drawn up?
Were all taxes taken into account, and did unnecessary expenses affect your property?
Will estate planning differ from an international family?
If any of the above issues are not resolved, then you risk acquiring unforeseen expenses and come to inevitable problems. Real estate planning may seem like an overly complex and full of potential problems, but we will not allow you to solve these problems alone. Our team of highly qualified professionals will be with you every step of the way. We will evaluate and analyze your financial future and provide a written plan to make planning your property even easier than you could imagine. Our specialists will focus on you and your loved ones, protecting your assets and complying with all rules and regulations.