The Important of Collecting and Analyzing Data In Estate Planning

Estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. In this article, we will discuss the first step of 5 steps of estate planning.
By collecting and analyzing data of your present statement, your financial planner can project the future of your wealth as well as expenses that your estate have to pay upon your death and ensure that your assets will larger enough to provide income security to beneficiaries according to your wish.

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Most people invest their saving according to their risks of tolerance.
1. Conservative people usually stay clear of stock market and putting their saving in to kind of guarantee investment. this cause some risk for your estate, because beside inflation, the return of this kind of investment always pay a highest tax rate, The estate of these people may not be large enough to provide financial security for estate's beneficiaries upon the death of the estate owner.
In this case, you financial planner might suggest that some of your income security will be transfer to some higher risk investment such as blue chips stock or income trust. He or she may also ask to maximize you income return in registered plan while some of the non registered money will invest for capital and dividend gain stocks.

2. Some other people with a high risk tolerance may do the opposite. Since leaving all your money money in the equity may give these a higher return, it also increase risk for their saving. If any unforeseen risk happened during the wealth creation phrase, these people may lose all their saving.

3 Depending to your financial statements, your financial planner will analyze your present situation depending to your objective, he or she may provide you with the complete plan in which
a) A investment plan that will help you with an asset allocation, that not only can help to maximize your return but also decrease your market and economic risks.
b) A Plan will provide larger enough wealth for your estate.
c) A Plan that can help to minimize the tax which your estate has to pay upon your death.

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