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In: Finance

Retirement and Estate Planning Why should anyone be concerned with retirement and estate planning, even while...

Retirement and Estate Planning

Why should anyone be concerned with retirement and estate planning, even while one may be young?

Solutions

Expert Solution

Young people must be most concerned with Estate Planning:

Estate planing helps in proper distribution of our assets to our beneficiaries. The beneficiary is the person who will receive the assets or life insurance death benefit after an account holder passes away.Starting early is smart, as such estate planning is not only for the rich and the old.

  • Our wealth will be passed to to the right people, if a proper estate plan is in place.
  • It helps us to choose a guardian for our children. If for any reason, we die the state will select a guardian for pour children which may not be of our choice.So, it is important that through an estate plan we choose a guardian for our children.
  • if we start saving now, we can set aside a greatest amount of money for our children and with proper planning of the estate taxes we can ensure that they pay, the lowest inheritance tax.
  • we an help our favourite charities through an estate plan. Without an estate plan , we can help our favourite charities.
  • with proper estate planning, we can be prepared for anything. If our loved ones dies, with proper planning we can be protected from unforseen situations.

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