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Estate Planning
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Estate Planning ​ @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
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Estate Planning ​@ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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Estate Planning ​ @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
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Estate Planning ​ @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
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Estate Planning ​
An Overview
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Importance of Estate Planning
Estate planning is an essential process that enables you to manage and distribute your assets in the event of your death or incapacity. There are multiple reasons why estate planning is vital, and here are some of them:-
First and foremost, an estate plan allows you to specify how your assets will be distributed, ensuring that your wishes are carried out. By doing so, you are also able to minimize the risk of family disputes that can often arise after the passing of a loved one.
Additionally, having a solid estate plan can help to reduce taxes and expenses while granting you peace of mind that your loved ones will be taken care of. You can also protect your beneficiaries from any potential financial mismanagement or exploit by shielding their inheritances in trusts.
Moreover, estate planning allows you to plan for incapacity, including identifying who will make essential decisions on your behalf if you become physically or mentally incapable. You can also establish your business’s succession plan, ensuring its continuity and the smooth transition of leadership.
Furthermore, you can support charitable causes and organizations that are dear to you by making bequests, leaving a philanthropic legacy that can span generations.
In conclusion, an estate plan is a crucial step towards securing your assets, managing your affairs, and safeguarding your loved ones. By creating an estate plan tailored to your unique circumstances, you can rest assured that your priorities are met and your wishes are carried out, even when you are no longer there to manage them with Fiscalnow.
Information / Documents Required
General Documents / Information Required from all assesses:
Will:
- A legal document that specifies how you want your assets to be distributed after your death.
Trust Documents:
- Trusts can help manage and distribute your assets while you’re alive and after your death according to your wishes.
Power of Attorney:
- Allows someone you trust to manage your financial affairs and make decisions on your behalf if you become incapacitated.
Healthcare Directive (Living Will):
- Outlines your preferences for medical treatment if you’re unable to make decisions for yourself.
Beneficiary Designations:
- Ensure that assets like life insurance policies, retirement accounts, and bank accounts are passed on to the intended beneficiaries.
List of Assets and Liabilities:
- Includes real estate, bank accounts, investments, debts, and other assets that are part of your estate.
Insurance Policies:
- Details of life insurance policies and any other insurance coverage that may be relevant to your estate planning.
Business Succession Plan (if applicable):
- Outlines how your business will be managed or transferred to successors after your death.
Previous Estate Planning Documents:
- Any existing estate planning documents that need to be reviewed or updated.
Legal and Financial Records:
- Includes titles, deeds, contracts, and other legal documents related to your assets.
Why These Documents Are Important
- Ensure Your Wishes Are Honoured: These documents ensure that your assets are distributed according to your wishes.
- Protect Your Family: Helps avoid potential disputes among family members.
- Provide Clarity: Helps your executor and loved ones understand your intentions.
- Plan for Incapacity: Documents like Power of Attorney and Healthcare Directive ensure your wishes are followed if you become incapacitated.
Benefits
Estate planning is crucial as it allows you to ensure that your assets are distributed according to your wishes after your death, minimizing potential family disputes and ensuring your loved ones are taken care of.
A will specifies how you want your assets to be distributed. It ensures that your wishes are honored and provides clarity to your loved ones and executor.
Estate planning includes strategies to minimize taxes, such as using trusts and gifting strategies, which can reduce estate and gift taxes, thereby preserving more of your estate for your beneficiaries.
A trust is a legal arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary. Trusts can help manage assets during your lifetime and distribute them after your death according to your wishes, while also potentially avoiding probate.
Estate planning documents like Power of Attorney and Healthcare Directive (Living Will) ensure that your wishes regarding medical treatment and financial decisions are followed if you become unable to make decisions for yourself.
Without an estate plan, your assets may be distributed according to state laws, which may not align with your wishes. This can lead to family disputes and unnecessary expenses.
Estate planning includes strategies for transferring ownership of a business to successors, ensuring a smooth transition and minimizing disruption in the event of your death or incapacity.
Estate planning provides peace of mind by ensuring that your loved ones are taken care of, your assets are protected, and your wishes are honored. It also allows you to plan for unexpected events and changes in circumstances.
