Remember the Benefits of Estate Planning SHP Financial

Estate planning can be difficult to think about, let alone plan for. Maybe you’ve avoided putting together a concrete plan because you don’t want to think too far into the future when it’s time to pass on what you have. Or maybe you don’t think an estate plan is necessary because you’re not rich enough to warrant one.

The truth is that you will probably leave behind things for your family that are important financially and emotionally. You don’t have to be a billionaire to have an estate plan set up–all the assets and things you have accumulated over the course of your life can be given to your family members to help them through their own financial journey. However, the transfer of those items comes down to the details, and it can get messy without a plan.

Without a specific plan in place, it can be a complicated, lengthy, and sometimes costly process for your heirs to get what you leave behind.[1] If you have no specific plan in place, a probate court will decide how your assets are distributed, and the way they distribute those things may not be the way you expected or may not be settled in an equitable manner.[1] Estate plans can help you avoid these types of problems because they give you control over exactly how your assets are distributed.[1] They can also help to streamline the process so your heirs don’t have to wait for the courts to designate how your assets are distributed.[1]

The other main reason your estate plan is important is taxes. An estate plan may help you to distribute your wealth in a way that reduces the tax burden on your loved ones.[1] Every situation is different, and this isn’t always true, of course. But there are some financial situations where an estate plan can help you to strategically reduce the amount your loved ones have to pay in taxes when they receive their inheritance.[1]

There are so many aspects of financial planning. Estate planning is just one facet of the larger financial world and your own specific financial situation. If you are looking for a guide to help you through your financial journey, Click HERE to reach out to one of our professionals at SHP Financial for a complimentary review of your finances.


The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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