An updated will is only one of the documents you should have in place
Tax liability for those below the estate tax exemption limit
Estate planning is often the most neglected of the four major planning areas: Retirement, Investment, Tax, and Estate Planning. This is especially important today in the wake of the pandemic’s soaring rate of COVID-related deaths, and the Biden administration’s proposed tax increases and estate tax changes. Now is the time to reflect on your financial goals and desired legacy.
Many professors do not fully understand the estate planning process or prefer to avoid it altogether due to two common myths: 1) they are below the federal estate tax exemption limit and they do not need to concern themselves with taxes, and 2) having a will in place will protect all their assets.
The Core Benefits of Estate Planning
Estate planning can help preserve the hard-earned and saved capital you have accumulated over many years. The core benefits of estate planning are:
Ensure your wishes—including who will manage the execution of the estate—are followed, whether after your death or in case of disability
Protect your beneficiaries and avoid undue burdens during the estate transfer process
Maximize what you leave behind for your beneficiaries, whether they are individuals or causes you support
The greatest benefit of estate planning is the peace of mind that comes with knowing your plan is in place and can be easily implemented.