Protecting Your Legacy
Whether you know it or not, you have an estate. Your estate is anything you own, including your car, home, checking and savings account, furniture, and much more. Having a clear and well-organized plan in place is an important part of protecting those assets, regardless of your age or financial standing.
Though it may seem like some ways off, estate planning allows you to protect your assets and provide for your loved ones in the event of your passing. When you create a defined estate plan, your property is divided up according to your wishes while minimizing taxes and expenses. At Hannegan & Associates, we work with you to make sure your hard-earned assets are carried over to the right beneficiaries or family members.
Why Estate Planning is So Important
There are two essential pieces for creating a proper estate plan. The first is a living trust, which allows you to place your assets in a legal document. Like a will, this document details how to distribute your assets when you pass; however, the major difference from a will is that living trusts operate when the grantor becomes unable to manage his or her affairs.
There are many advantages to transferring your estate to a living trust, like keeping your property out of probate while minimizing your tax liabilities. By working with your attorney who will draw up the correct legal documents, our firm prepares the tax return for your trust and estate, giving you peace of mind when planning.
In addition to organizing your tax forms and minimizing your responsibilities, our team guides you through every step of planning for your estate. Clear guidance helps you to understand the financial impacts of every decision you make.
Start Preserving Your Future Assets Today!
Now is the time to start the estate planning conversation. Our Edgewood firm provides insightful advice, so you can make the right decisions to benefit your loved ones. Call us today!