Planning for your future is something that everyone should be doing. Whether you are just starting out in the workforce, in the middle of your career, approaching retirement, or in your twilight years, good planning will help ensure you always have what you need. In addition, the right planning now will help make it so you can provide for your loved ones long into the future. Here at McLan Accounting, we offer comprehensive estate planning, trust planning, and tax preparation services for all our customers.
Understanding Estate Planning
Estate planning is an important legal process that helps ensure you have what you need throughout retirement and directs where all your assets should go after you’re gone. This starts out with a good Last Will & Testament but goes much further than that. When done properly, an estate plan can help keep your assets out of probate court, which will save your loved ones a lot of time and money. In addition, this type of planning will allow you to ensure your favorite charities get the donations you want for them, your loved ones are taken care of, and your belongings go to those who you want to have them.
Trust Planning Options
Legal trusts are often an important part of an overall estate plan. There are quite a few different types of trusts that you can use to help protect your assets and distribute them as you would like. Some of the more common types of Trusts include:
• Charitable Trust – This type of trust will allow you to put certain assets aside for a charity of your choice. This will allow you to more precisely direct how your money or other assets are used to benefit a charity that you love.
• Living Trust – A living trust is one where assets are placed into a trust and managed by the trust while you are still alive. This can provide a variety of different tax benefits and will also allow you to specify who will get the trust when you pass away.
• Special Needs Trust – If you have a child or other loved one with special needs, you can set up a trust that has money and other assets to ensure they are provided for throughout their life.
• Land Trust – You can place land into a trust so that it is easier to pass along to your loved ones. These types of trusts can also have beneficial tax consequences.
• Many More – There are different types of trusts for a variety of different things. Talking to your accountant about which ones will be beneficial to you is a great way to maximize the benefits of estate planning.
Whether you just have simple tax preparation needs, or something much more complex, we will help you every step of the way. Our team has helped hundreds of people throughout New York and New Jersey with all their tax preparation needs, and we’re ready to help you too. Whether you need estate planning, Trust planning, or tax preparation services, please give us a call at 718-871-8250 to schedule a meeting today.