Q&A: Why is estate planning important?
Question: Why is estate planning important?
Gordon Pape’s answer: A major incentive behind estate planning is minimizing the taxes and fees your estate must pay. However, a well-developed estate plan will do much more than just reduce taxes and fees. It will ensure your assets pass prevent costly errors, no matter how well intentioned. You don’t want to make a change in asset ownership to reduce probate fees, only to find out that this action has triggered greater capital gains taxes. Talk about throwing the baby out with the bath water!
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