Estate planning is a vital part of retirement planning. If you are single, you need to plan for the distribution of your assets at death; or, if you are married, you may need to consider the needs of a dependent spouse or child. You’ll want to balance your assets to provide liquidity so that money is available if unforeseen circumstances arise. Retirement planning can be complex, and you should consider personal, financial, and tax implications.
If you haven’t already done so, here are some important things to consider in planning your estate:
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Your will: Many people choose to transfer their property by using both a trust and a companion will. This can be a good idea, especially in cases where unforeseen or forgotten assets are part of the final estate. With a trust and will, you can avoid probate and save between three and eight percent of your entire estate in fees—plus avoiding extraordinary and unnecessary expenses and inconveniences. |
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Estate taxes: The estate tax rates change every couple of years. If you and your spouse have an estate of more than $2.0 million, you may wish to consider the benefits of a credit shelter trust. Fortunately, our great nation has enacted laws that can greatly reduce or eliminate estate taxes through the use of a variety of charitable trusts and annuities, which allow you to give funds to charity that would otherwise be spent for taxes. Because of these favorable tax laws, many of our friends and supporters have chosen to establish living trusts with The Quiet Hour. |
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Liquidity: Be sure to keep enough cash available to pay for unforeseen illness, final expenses, estate taxes, and administrative costs. |
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Your beneficiaries: Your will and trust are the last chance you have to express your love to your family. Will your legacy lift their burdens and draw them closer to Christ? |
For more information, we invite you to visit the Planned Giving section of our website. If you wish to speak to a trust officer, please call us toll-free at (800) 900-9021 or e-mail our Planned Giving department.
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