Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or incapacitation. One goal is to ensure beneficiaries receive assets in a way that minimizes estate tax, gift tax, income tax and other taxes. Estate planning can help establish a platform you can fine-tune as your personal and financial situations change. Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual’s properties and financial obligations in the event that they become incapacitated.
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What is Estate Planning?
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Benefits of Estate Planning
It provides you, the testator, a sense of understanding your current financial strength.
It also brings clarity on how to distribute your assets amongst loved ones.
It avoids disputes within the family, if explicit and rational distribution is done.
It helps you make provisions for minors and children with special needs as per your wish.
It helps you address the transfer of online assets.
It helps you address the transfer of offshore assets.
It prevents financial and legal grief.
It brings peace of mind knowing your assets will be used for the welfare of your family.
Securing your family’s future even after you’re gone
Helping clients prioritize their financial goals
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Why is Estate Planning important?
An Estate Plan Protects Beneficiaries
If estate planning was once considered something that only high net worth individuals needed, that’s changed. Nowadays many middle-class families need to plan for when something happens to a family’s breadwinner (or breadwinners). After all, you don’t have to be super-rich to do well in the stock market or real estate, both of which produce assets that you’ll want to pass on to your heirs.
An Estate Plan Protects Young Children
Nobody thinks of dying young, but if you’re the parent of small children, you need to prepare for the unthinkable. This is where the will portion of an estate plan comes in.
To ensure that your children are cared for in a manner of which you approve, you’ll want to name their guardians in the event that both parents die before the kids turn 18. Without a will that names these guardians, the courts will step in to decide who will raise your children.
An Estate Plan Spares Heirs a Big Tax Bite
Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service (IRS). Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.
An Estate Plan Eliminates Family Messes
Stopping fights before they start is yet another reason why an estate plan is necessary. This will enable you to choose who controls your finances and assets if you become mentally incapacitated or after you die and will go a long way toward quelling any family strife and ensuring that your assets are handled in the way that you intended.
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