Estate Planning Commerce

BENEFITS OF ESTATE PLANNING COMMERCE www.dalloestateplanning.com

ESTATE PLANNING COMMERCE Estate planning is a necessary process that involves strategic planning the distribution of one's assets in passing.  Estate planning commerce is an incident restricting one to make rational decisions for themselves. www.dalloestateplanning.com Page 1

ESTATE PLANNING COMMERCE Benefits:  Reducing taxes S  uperannuation  Supporting children B  usiness succession S  upporting charities www.dalloestateplanning.com Page 2

ESTATE PLANNING COMMERCE Reducing taxes Like all other inancial decisions, the sum amount of tax you pay will impact your estate planning. It is crucial to remember that your inancial records and income history will continue to live even in passing on. www.dalloestateplanning.com Page 3

ESTATE PLANNING COMMERCE While there are no death responsibilities, the bene iciaries of your assets may still have to pay the required income tax, super annuation death bene its tax (when paid to a non-tax dependant), or Capital Gains tax, where these are applicable. Superannuation Determining how you wish your superannuation to be distributed can signi icantly reduce the tax you pay.  www.dalloestateplanning.com Page 4

ESTATE PLANNING COMMERCE Binding recipient nominations can be made to your estate to ensure that your superannuation is paid out as set out following your wishes stated in your will. Eligible bene iciaries for your super on your death are particular, and tax calculation will vary.  In the unavailability of a binding nomination or a valid nomination, the super fund's trustee will distribute the superannuation to a super dependant at their discretion and often with no regard to your will. www.dalloestateplanning.com Page 5

ESTATE PLANNING COMMERCE By clearly displaying in your Will how you wish for your super to be distributed, inserting appropriate terms into your will to minimize tax, and having a valid and up to date bene iciary nomination in place, you make sure your loved ones get the more bene it of your estate, rather than the taxman. Supporting children www.dalloestateplanning.com Page 6

ESTATE PLANNING COMMERCE If you pass on prematurely in the unlikely event, you may leave a young family behind with minimal support or funds. A proper estate plan will help you organize inances for your children to inherit, whether this is in the form of a trust or another arrangement.  It will also permit you to appoint guardians to take custody of your children as they grow into adulthood and raise them following your favorite wishes. www.dalloestateplanning.com Page 7

ESTATE PLANNING COMMERCE An estate plan can also help overcome dif iculties that come with families that have blended from old partners. Suppose an individual wish to only pass on their estate to their biological children. www.dalloestateplanning.com Page 8

ESTATE PLANNING COMMERCE In that case, a proper estate plan needs to be laid out to make sure there are no dif iculties in distributing the individual's wealth if their current partner has children from an old relationship or re-marries. Business succession www.dalloestateplanning.com Page 9

ESTATE PLANNING COMMERCE Suppose you are the trader of a business. In that case, you must detail the passing down of operations management to whoever is the successor and determine how the business's inances will be organized after the transition e ect. By determining how you wish for your business, wealth to be handed down, you are alleviating any industry confusion. Still, you ensure that the correct person is carrying on the company and your legacy in how you wish it to be run. www.dalloestateplanning.com Page 10

ESTATE PLANNING COMMERCE Supporting charities By planning the distribution of your estate, you can bene it the charities you wish to see hold up by your estate plan. An ef icient estate plan gives you the say on how your wealth is distributed and who bene its, which may be an individual or cause close to your heart, leaving a lasting legacy for the community. www.dalloestateplanning.com Page 11

ESTATE PLANNING COMMERCE You don't have to pass on your wealth to individuals necessarily. A good estate plan has been developed holistically, considering individual family dynamics and circumstances, estate and non-estate assets, tax bene its, and wealth accumulation.  Legal, tax, and private wealth teams use a collective approach to develop estate plans that meet every client's diverse and speci ic needs. www.dalloestateplanning.com Page 12

ESTATE PLANNING COMMERCE Estate planning options  Wills L  iving wills and trusts R  evocable and irrevocable trusts P  owers of attorney  Asset protection www.dalloestateplanning.com Page 13

ESTATE PLANNING COMMERCE W  ealth preservation  Will contests I  ncapacity planning You should update your estate plan whenever you have a major life change, like a marriage, divorce, birth of a child or grandchild, or chronic illness diagnosis. www.dalloestateplanning.com Page 14

CONTACT US Dallo Estate Planning, PLLC Address: 31731 Northwestern Hwy Ste 261W, Farmington Hills, Michigan, United States Phone: +12489148146 dalloestateplanning.com FOLLOW US ON SOCIAL MEDIA