The Benefits of Estate Planning While You’re Young
Estate planning is often associated with older individuals who have accumulated significant assets over their lifetime. However, there are numerous benefits to starting your estate planning journey while you’re young. By taking proactive steps now, you can ensure that your assets are protected, and your wishes are carried out in the future.
Why Should You Start Estate Planning at a Young Age
Planning for Unexpected Events
Estate planning allows you to protect your loved ones in case of unexpected events such as accidents or illnesses. Through tools like wills and trusts, you can designate guardians for your children, name beneficiaries for specific assets, and establish healthcare directives that outline your preferences for medical treatment – decisions that would otherwise be left up to the court.
Potential Tax Savings
Another benefit of starting estate planning early is the potential tax savings it can provide. By utilizing strategies such as gifting or setting up trusts, you may be able to minimize estate taxes and preserve more of your wealth for future generations.
Changes Can Be Made
Furthermore, planning your estate while young allows you to review and update your plan as your circumstances change over time. As life events occur, such as marriage, divorce, the birth of children, or the acquisition of new assets, an established plan allows for seamless adjustments without unnecessary complications or stress.
If you begin your estate planning at a young age you will enjoy numerous advantages including asset protection, ensuring loved ones’ well-being, potential tax savings, and flexibility for future changes. By acting now and consulting with professionals in this field, you can establish a solid foundation that will provide peace of mind both now and in the years ahead.
Build Your Wealth with Bloom
For over 38 years Bloom Investment Counsel, Inc. has provided actively managed, customized Canadian and U.S. dividend-paying portfolios for wealthy individuals, family offices, foundations, corporations, institutions, and trusts.
At Bloom, we are pleased to partner with your other trusted professionals such as estate planners to build a customized portfolio best suited to your needs with the goal of protecting, preserving, and building your wealth. For more information, call us at 416-861-9941 or email us at info@bloominvestmentcounsel.com
This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.