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How would you rate your assets: good or bad?

Just about everyone in the Lee County area has assets and property that they value. However, not everyone has a long-term protection plan in place for those assets. Preparing an estate plan is important for everyone, but making sure you have the right kinds of assets to leave behind is just as important.

When people die they want to leave their loved ones in as good a shape as possible financially. However, while there are some assets that are great to leave one’s beneficiaries, there are others from which one should stay away. One main objective of most people is to leave their families with as little tax burden as possible. In order to do this, one should focus on appreciated assets, because the appreciation value does not get taxed.

Therefore, some of the best kinds of assets to have include depleted partnerships, collectibles, highly appreciated stocks and Roth IRA’s. On the other hand, assets that are not as good because they can lead to higher taxes for one’s beneficiaries include Taxable IRAs, bonds, cash and depreciated securities.

Have you looked at your estate plan recently? If it’s been a while since you reviewed your plan, or you have yet to prepare one, then now might be a good time to get things in order. An experienced estate-planning attorney can help you evaluate your assets and get a proper plan in order. If you need help with your estate plan, then you might want to speak with a knowledgeable estate-planning attorney as soon as you can.

Source: Forbes, “Estate planning: A ranking of good assets and bad assets,” William Baldwin, Aug. 25, 2014.

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