As a person in your there 20’s, you may be starting to think about life in the future. What will you do to protect your family as it grows? How will you guarantee a comfortable life well into retirement?
Estate planning can be complex, but it’s a great way to work through the questions you have. It’s advisable to work with an attorney and tax advisor as you begin estate planning since it will help you maximize the protective properties of the estate.
Can you start an estate plan in your 20s?
You can start an estate plan in your 20s, even if you don’t have many assets to include or protect. Your attorney will help you start setting up the estate plan so that it protects future earnings and assets as well as helping to achieve the goals you have in mind.
What is the primary purpose of an estate plan?
The primary goal of an estate plan is to protect your assets and wishes. A good estate plan maximizes what you leave behind to beneficiaries and makes sure that you are protected if you are ever unable to care for yourself.
Estate plans are also focused on preventing unfair taxation and minimizing the amount you pay to the government in taxes. Federal taxes on estates and gifts can be extremely high, so your estate plan should consider this and do what’s possible to limit taxation.
Our site has more on estate planning and what you can do to make sure your estate plan is sound. With good help, you can put together a good, protective plan.