This article explains why and how keeping money within the hands of the people you trust will help you in the future. Heirs could be responsible for “paying federal income taxes on either assets or retirement accounts, and if you plan poorly, your money could end up in the hands of an ex-spouse or creditor.” To prevent that tragedy, meeting with an estate attorney and an accountant could be very beneficial. To help keep your money where it belongs, think about drawing up a will, checking your beneficiaries, setting up a trust, converting traditional retirement accounts to Roth accounts, and gifting your money while you’re alive. Setting up an estate plan can seem like tons of work, however, it is extremely important to look at it so that your family and friends receive the money you worked hard for. To learn more about the perks of estate planning and trust taxation, click the link.
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