Estate Advice You can Get from a Trusted Financial Advisor in Maryland

You don’t have to be extremely wealthy to be worried about your estate and how it will be divided among your heirs and donation recipients if any. In fact, planning wills and estates is one of the most important things that your financial advisor in Maryland will advise you on, especially if you’re nearing retirement age.

Know Your Assets

To ensure that you plan your estate properly, you first need to make an inventory of all your financial assets (income, stocks, investments, etc.). Next are the non-financial assets, which mostly include real (land and the structures you put up on them, basically anything “unmovable”) and personal (cars, jewelry, and every other ones not constituting real property) property.

Division of Assets

According to the rule of law, the absence of a will gives the court the right to divide your assets among your heirs. While you might wholly agree to give your children, grandchildren and spouse an equal share of your financial assets, the choice of who gets your non-financial possessions (vehicles, homes, property investments, etc.) may be more complicated. You want to ensure that these assets are bequeathed according to your wishes.

Allocating Financial Assets

Some people want to allot some of their financial assets to particular future expenditures (estate owner’s children and grandchildren’s education, for instance). If you are one of these people, you should open up a trust fund and choose a reliable trustee to ensure that the funds will be spent accordingly when the time comes.

Minimizing Taxes advices that you can help out your heirs who might end up owing estate tax:

If you anticipate that your beneficiaries will owe estate and income tax on the amounts that they inherit, you might be able to minimize these taxes by using tax-efficient strategies. For instance, you could leave taxable assets to charities if charities are included in your list of beneficiaries, and leave your tax-free assets, such as Roth retirement accounts, life insurance and after-tax savings, to your other beneficiaries.

With the help of efficient financial advisors in Northern Virginia or Maryland, such as Financial Brokerage Services, Inc., you can create a solid and comprehensive will and estate plan to leave your heirs. This is an opportunity that you shouldn’t pass on if you have many heirs that might otherwise quibble over your properties when you’re gone.

(Article Information and Image from 5 Estate Planning Tips, Forbes)