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Protect Your Assets with These 5 Estate Planning Tips

by AOG Wealth Management

According to a report from the Center on Wealth and Philanthropy at Boston College by John J. Havens and Paul G. Schervish, an estimated 59 trillion dollars will be transferred from 116 million households between 2007 and 2061. We have entered the greatest wealth transfer in history, so now is an excellent time for estate planning in Washington, DC and Northern Virginia. AOG Wealth Management recommends these five estate planning tips:

Estate Planning

  1. Choose How Your Wealth Should Be Spent – You may need to create a trust that includes provisions if you are planning to allocate some of your assets to cover specific expenses. For example, you might want to set aside specific amounts to cover special needs and college expenses for certain people. The trustee would be legally bound to make sure that your designated amounts cover these expenses.
  2. Declare Who Gets What From Your Estate – If you do not have a will, laws will determine who inherits your assets. These include nonfinancial assets that you might want to bequeath to specific persons, like a beloved vintage car. That is why proper estate planning is important.
  3. Work with an Estate Planning Team – As an expert in McLean financial planning, we can help you design a suitable investment portfolio for your assets. Our tax professionals can also help you minimize the amount of income taxes that your beneficiaries would pay. We will also work with your estate planning attorney to design your trusts and wills.
  4. Minimize Income and Estate Taxes – You can minimize taxes for your beneficiaries by implementing tax-efficient strategies. For example, you could leave taxable assets to charities and leave your tax-free assets to your other beneficiaries. We can help you by designing specific tax strategies for your unique needs and circumstances.
  5. Offset Taxes with Insurance – You can also offset taxes using the proceeds from life insurance. If your estate planner estimates that your beneficiary will owe a certain amount of income tax, you can purchase a life insurance plan for that same amount. Then, you can name the affected party as the beneficiary for that plan. Life-insurance proceeds are tax free, and your beneficiary can use it to pay the taxes.

AOG Wealth Management is the leading choice for estate planning, asset management, and tax planning in Washington DC and Northern Virginia. We can help you plan for your wealth to go to the organizations and people that you care about. We provide highly responsive and personalized service for our clients.

Call us at (866) 993-0203 to learn more about our estate planning services. You can also schedule a complimentary consultation.

Category: Asset Management