What Is Legacy Planning, and Why Is It Important?
Legacy planning is the process of protecting and transferring assets from the current generation to the next. Careful planning can help preserve the value of your future bequests, assist your heirs with forming their investment strategies, and assist with managing tax obligations. Legacy planning may also include the inclusion of value considerations.
What Is the BRRRR Method in Real Estate?
Mention the words “real estate investment” and what might come to mind is buying a property, finding quality tenants, and generating potential cash flow from rents. There is also the possibility of asset appreciation, meaning you could generate capital gains on the sale of that property.
How Is Legacy Planning Different from Estate Planning?
Some people scoff at the notion that there is a fundamental difference between estate planning and legacy planning. After all, both refer to a plan for distributing your assets after your death, plus related concerns like end-of-life issues. In addition, both types of planning usually involve preserving wealth, sharing good fortune with your heirs, and possibly safeguarding family keepsakes.
How to Write a Relinquishment Letter for a Property
When gifting property to an heir or relative, what might be a simple or quick method for initiating the transaction? In real estate, there aren’t too many things that are simple or quick. There’s generally lots of paperwork and even various parties involved to complete specific transactions. All of this can vary from state to state as well.
How Much Does a Revocable Living Trust Cost?
Determining how your valuable assets will be handled after you pass is a crucial aspect of estate planning. Many people place important assets such as real property, cash, brokerage and money market accounts, bonds, business interests and other important financial resources and possessions into living trusts while they are still alive so that they know exactly who will receive these assets upon their death. Revocable living trusts differ from other types of trusts because the grantor – the creator of the trust – can change, alter or void the provisions of the trust at any time.
