Estate planning isn’t just about avoiding estate tax. It also covers who controls the businesses, who receives what and when, what happens if there’s a divorce, and who manages assets for your kids if they’re underage.
And what if one child is financially responsible while the other thinks buying cryptocurrency from a guy named Crypto Chad is a retirement plan? That’s an exaggeration, but the point is to plan for all these eventualities, including who controls assets, whether anyone has to go to a judge to get control, and whether family members end up fighting. Ticker Tape also covers estate tax and income tax strategies that can help you keep more of the wealth you earn from investing.
Key points
- Estate planning covers control, timing and distribution of assets, not just taxes.
- Plan for divorce, underage children and heirs with different levels of financial responsibility.
- Good planning can help avoid court involvement and family fights over control.
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