When planning for the fate of the estate, it is best to hire professionals that help people with estate planning in Beverly Hills and Sherman Oaks, California.
Glendale, CA -- (ReleaseWire) -- 05/09/2019 --Estate planning is an essential legal consideration for individuals who have assets that they wish to be distributed to heirs. The first and most important task is to create a will when it comes to estate planning. It also involves different procedures and documents to cover an array of situations. This plan works to anticipate and arrange for distribution for all types of property.
Legacy Partners Insurance & Financial Services Inc is a company that offers quality estate planning services in Beverly Hills and Sherman Oaks, California. They educate their clients by explaining the entire process and legal aspects associated with it.
They offer legal guideline that must be followed to avoid problematic ramifications such as probate, heavy taxes, confusion and arguments between family members, and wasted time and expense that may occur.
Using life insurance in an irrevocable life insurance trust (ILIT) will yield in potential tax advantages provided the plan is carefully and correctly administered. ILIT is a complex legal arrangement that requires professional assistance to create. Legacy Partners Insurance & Financial Services is all set to create one such insurance for the benefit of their clients.
Assets owned under an ILIT are not deemed as part of the estate for inheritance or estate tax purposes. Having this insurance will eliminate the need to pay estate or inheritance taxes.
Since the trust pays the premiums, the grantor can quickly transfer sufficient money into the trust or pay directly on behalf of the trust to cover them. Besides, ILIT promises gifts to the trust to ensure the premiums are paid. However, these gifts are removed from the estate, and the benefits paid out to the heirs will not be included as part of their estate for tax purposes.
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About Legacy Partners Insurance & Financial Services Inc.
Legacy Partners Insurance & Financial Services Inc. is a renowned California based full service financial planning firm that offers the best insurance policies to the customers.