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Estate planning isn’t likely to rank high on your list of fun things to do. Thinking about a post-death legacy and what you wish for loved ones probably isn’t high up there, either.
But having a proper estate plan is beneficial in many ways. It can ensure that your assets are distributed in the manner that you desire after you are gone.
Depending on the size of your estate as well as your state of residence, you may be facing estate taxes on your assets. There are ways that you can reduce that tax liability if you might choose so.
But one legal process can also derail your legacy wishes, tie up your assets for a long time, and lead to family drama that otherwise wouldn’t happen: probate.
The good news? One way that you can avoid probate on some of your assets for certain is if you have money in annuities.
With how they are treated under law, annuities exempt the money within them from this often time-consuming and drawn-out proceeding.
Annuities are contracts between you and an insurance company. As the policyholder, you are entitled to certain guarantees provided to you by your life insurance company.
You can enjoy guaranteed income for life, guaranteed growth, guaranteed protection against market risk, or a guaranteed death benefit, among many other benefits.
Annuities also give the benefit of tax-deferred growth until you start withdrawing money from them. Not only that, annuities can also provide you with certain protections against creditors.
However, this helpful protection characteristic of annuities can vary by state. Here's a quick look at how annuities can offer various creditor protections if you are concerned about the exposure of your assets or money.
"I recommend Mike Marrone, and Marrone Financial, for their professionalism, financial experience, and knowledge of the retirement planning space. Mike is exemplary in his dedication to consumer education and in helping his clients find solutions that fit their complete financial picture."Brent Meyer Jr., Founder of SafeMoney.com