Estate Planning - How, When & To Whom transfer your Wealth
Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death, while minimizing gift, estate, transfer and income tax.
Lot of people don’t plan.
Individuals put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, think they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to think it. Then, when something happens to them, their families have to pick up the pieces. Or suffer from Bank debts, loans, Creditors and other liabilities.
Remember, If you don’t have a plan, your Govt. plans for you, but you probably won’t like it.
At disability: If your name is on the title of your assets and you can’t conduct business due to mental or physical incapacity, only a court appointee can sign for you. The court, not your family, will control how your assets are used to care for you through a conservatorship or guardianship. It can become expensive and time consuming, it is open to the public, and it can be difficult to end even if you recover.
At your death: If you die without an intentional estate plan, your assets will be distributed according to the probate laws. Many are the legal heirs to such an estate- Parents, Brother & sisters, all children, spouse to name a few. That means your spouse could receive only a fraction of your estate, which may not be enough to live on. If you have minor children, the court will control their inheritance. If both parents die (i.e., in a car accident), the court will appoint a guardian without knowing whom you would have chosen.
Given the choice—and you do have the choice—wouldn’t you prefer these matters be handled privately by your family, not by the courts? Wouldn’t you prefer to keep control of who receives what and when? And, if you have young children, wouldn’t you prefer to have a say in who will raise them if you can’t?
Planning your estate will help you organize your records and correct titles and beneficiary designations. Estate planning does not have to be expensive. The best time to plan your estate is now. The best benefit is peace of mind, for you now, and for your loved ones later on.
Session by Mr Dipak Jain: Is a Chartered Trust & Estate Planner, an MBA (Finance) and his other qualifications include CFP, CWM and also a Certified Trainer for the CWMTM from AAFM, USA. His total work experience spans over 15 years in this field.
Wealthy Forever, is a Bi-monthly series to enlighten our valuable members on different aspects of Wealth Creation, Wealth
05 Oct - 05 Oct 2018
7:00 P.M. - 8:30 P.M.
Radisson Blu, Faridabad
Faridabad, Haryana, India, 121006