{"id":76,"date":"2018-04-05T16:23:32","date_gmt":"2018-04-05T16:23:32","guid":{"rendered":"https:\/\/www.leskunaccounting.com\/blog\/?p=76"},"modified":"2022-11-04T17:37:58","modified_gmt":"2022-11-04T17:37:58","slug":"importance-estate-planning","status":"publish","type":"post","link":"https:\/\/www.leskunaccounting.com\/blog\/importance-estate-planning\/","title":{"rendered":"The Importance of Estate Planning"},"content":{"rendered":"<p>At <a href=\"https:\/\/www.leskunaccounting.com\/\">Leskun &amp; Son Accounting<\/a>, we understand <strong>the importance of estate planning<\/strong> and how it can help protect your estate and beneficiaries. That is why we offer a wide range of <a href=\"https:\/\/www.leskunaccounting.com\/business-consulting.php\">business consulting services<\/a>, including <em>estate planning<\/em>.<\/p>\n<p><a href=\"https:\/\/www.leskunaccounting.com\/blog\/succession-planning-important-business\/\">Find out how to create the ideal succession plan for your small business.<\/a><\/p>\n<h2>What is Estate Planning?<\/h2>\n<p><em>Estate planning<\/em> allows individuals, at any stage in life, to put a plan in place for what will happen to their assets in the event they become incapacitated or die. Most <em>estate plans<\/em> are set up with the help of a professional who is experienced in estate law in order to ensure that you are properly planning for your estate. Some of the major estate planning tasks that should be addressed include:<\/p>\n<ul>\n<li>Creating a will<\/li>\n<li>Limiting estate taxes by setting up trust accounts<\/li>\n<li>Establishing a guardian for living dependents<\/li>\n<li>Naming an estate executor<\/li>\n<li>Creating\/updating beneficiaries on plans such as life insurance<\/li>\n<li>Setting up funeral arrangements<\/li>\n<li>Setting up power of attorney<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.leskunaccounting.com\/blog\/reasons-to-get-help-with-retirement-planning\/\">Find out why you should get help with retirement planning.<\/a><\/p>\n<h2>4 Reasons Why You Need an Estate Plan<\/h2>\n<p>Four of the main reasons why you need a proper <em>estate plan<\/em> include:<\/p>\n<h3>1. Choosing the Right Beneficiaries<\/h3>\n<p>One of the main components of <em>estate planning<\/em> is choosing beneficiaries for your assets. Without an <em>estate plan<\/em>, the courts will often decide who gets your assets, a process that can sometimes take years. Choosing your own beneficiaries will allow you to have control over who receives your property when you pass away, preventing undue stress for family members.<\/p>\n<p><a href=\"https:\/\/www.leskunaccounting.com\/blog\/business-succession-planning-important\/\">Why is business succession planning important?<\/a><\/p>\n<h3>2. Protecting Beneficiaries<\/h3>\n<p><em>Estate planning<\/em> can be a great way to protect beneficiaries who are still minors by appointing them with a guardian, as well as protecting adult beneficiaries from bad decisions, outside influences, creditor problems, and divorcing spouses. This can also help prevent potential family discord and costly legal expenses.<\/p>\n<h3>3. Reducing Estate Taxes<\/h3>\n<p>An essential part of <em>estate planning<\/em> is transferring assets to beneficiaries in a way that will create the smallest tax burden for them as possible. Even with just a little bit of estate planning, you will be able to reduce much or even all of the federal and provincial estate taxes, which can get very pricey for some.<\/p>\n<h3>4. Eliminating Family Conflict<\/h3>\n<p>More often than not, estates that are left without assigned beneficiaries can lead to family conflicts and long-drawn-out court battles with family members pitted against each other. Choosing who will have control over your finances and assets, if you become mentally incapacitated or after you die, can go a long way towards quelling any family strife, while also ensuring that your assets are handled the way you intended them to be.<\/p>\n<p>If you would like to learn more about <strong>the importance of estate planning<\/strong>, or if you are interested in one of our services, please <a href=\"https:\/\/www.leskunaccounting.com\/contact\/\">contact Leskun &amp; Son Accounting<\/a> at 1-877-826-1219 or by filling out a contact form on our website. We are proud to offer a wide range of <a href=\"https:\/\/www.leskunaccounting.com\/accounting-services.php\">accounting services<\/a>, including <a href=\"https:\/\/www.leskunaccounting.com\/tax-services.php\">tax services<\/a>, <a href=\"https:\/\/www.leskunaccounting.com\/bookkeeping.php\">bookkeeping<\/a>, and <em>business consulting<\/em>, to businesses throughout <em>Langley<\/em>, <em>Mission<\/em>, and <em>Abbotsford<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Leskun &amp; Son Accounting, we understand the importance of estate planning and how it can help protect your estate and beneficiaries. That is why we offer a wide range&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,15],"tags":[],"class_list":["post-76","post","type-post","status-publish","format-standard","hentry","category-business-consulting","category-estate-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Importance of Estate Planning | Leskun &amp; Son Accounting<\/title>\n<meta name=\"description\" content=\"Most estate plans are set up with the help of a professional who is experienced in estate law. 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