________ is the act of planning how wealth will be allocated on or before your death.

Social Studies

1 answer:

Novosadov [1.4K]1 year ago

8 0

Estate planning exists the act of planning how wealth will be allocated on or before your death.

<h3>What is Estate planning?</h3>

The act of anticipating and making arrangements for the management and distribution of a person's estate while that person is still alive, in the event that they become incompetent, and after their passing is known as estate planning. Protecting your loved ones through estate planning includes, among other things, shielding them from the Internal Revenue Service (IRS). Transferring assets to heirs with an eye toward minimizing their tax burden is crucial to estate planning.

Estate planning is the process of setting up activities to control a person's asset base in the case of their incapacity or passing. Planning involves paying off estate taxes as well as leaving assets to heirs. The majority of estate plans are created with the assistance of an estate law professional.

Hence, Estate planning exists the act of planning how wealth will be allocated on or before your death.

To learn more about Estate planning refer to:

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