When it comes to goals, most people want to pay as little tax as possible at their deaths and therefore maximize the amount that will get paid out to their families. This takes us to one very big and misunderstood fallacy – the erroneous belief you have to choose between your family and supporting your favourite charity, which couldn’t be farther from the actual truth.
The reality is that there are many different ways you can do both. As a result of integrating some plans for charitable gifts, you might even enhance or increase the benefits to your family by saving money in taxes and via the charitable tax receipt.
Estate Planning is a critical component of your Financial Plan. All the pieces of the puzzle need to fit together, creating a picture that makes sense and gives you clear, concise information about how each piece works together. If you would like to learn more, I invite you to read my newest blog article, Estate Planning: Putting Together The Pieces of the Puzzle, where I discuss tax planning, wills, powers of attorney, and probate!
Till next time,
Betty-Anne Howard / Athena Wealth and Legacy Solutions
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