Register for Client Education Seminar. Learn More »

4 Tips to Ensure Estate Planning Success

by AOG Wealth Management

Many people inadvertently give more of their assets to taxes upon dying as well as leave their family unprepared to deal with their estate. These people face these situations because they have no idea how to plan for their estates after they die. Proper estate planning is important to make the most of your estate’s value and provide maximum protection for your loved ones.

Estate Planning Success

As an experienced firm providing estate and tax planning in Washington, DC and Northern Virginia, AOG Wealth Management is here to help you with the necessary preparations. Here are some best practices to help you plan to prepare your estate for when you are gone:

1. Create a Will – Dying without a will results in complete strangers deciding how to distribute your assets. It is known as dying intestate – an act that leaves the divvying-up process to state law. If you fail to write a will, the court will give most of your estate to your spouse and children, followed by other relatives. Your properties will belong to the state if you have no family. Consult a financial advisor to help you determine the necessary details.

2. Create a Trust that Includes Your Provisions – This is ideal if you plan to allocate some of your assets to cover various expenses. Our experts in McLean financial planning can lend a hand to ensure your trustees would be legally able to maximize the designated amounts in your trust plans.

3. Manage Your Taxes – Seek the help of a professional to execute tax-efficient strategies if you anticipate that your beneficiaries will owe estate and income taxes on the money they inherit. For instance, you can offset these taxes with the proceeds from your life insurance.

4. Hire an Estate Planning Team – Your team should include an estate planning attorney, a tax specialist, and a financial advisor. For smoother and faster processing, be sure that they communicate with one another regularly, so that they stay up-to-date with any developments or changes.

When you work with AOG Wealth Management, we will provide you with a team of experts to help with your estate planning in Washington, DC and Northern Virginia. If you have questions regarding our services, you can schedule a complimentary consultation with us by calling (866) 993-0203 or by filling out our form. We’ll be ready to assist you every step of the way.

Category: Wealth Management