Estate planning- Reasons why you need it

estate_planningEstate planning is considered as an essential part of every individual’s future as it involves planning in details everything about the assets and money which is very important for the peace and well being of the loved ones. Moreover it can be of great help to determine the course of action that should be followed after one’s death so that they will not be any instances of fights and disputes between the family members. It is the best way of making the process easier and streamlined for your family member when they will be grieving your death as you will have a perfect will in place so that you will not have to worry about anything. You can learn more about estate planning at Thomas McKenzie Law.

There are different reasons why estate planning is the best option for you but the most important reason is that it is the best way of ensuring that your final requests will be carried out in the desired manner and you will not have to worry about how the affairs is being handled after your demise. Furthermore it is also an excellent way in which all your assets will be inherited by the family members that you have selected so that you will not have to bear the burden of extra taxes. But it is important to design your estate plan carefully and wisely which can be done with the assistance of a lawyer who will help you in ensuring that the entire process is carried on smoothly and according to your wishes. The lawyer will ensure that your estate plan is up to date and it reflects your last wishes correctly without any kind of mistakes. This is the best way of saving your near and dear ones from a lot of heartache and disputes as it might take an incredibly long period for your family to sort out the financial affairs in the absence of a will.

Estate planning is an amazing way of protecting your hard earned money even after you are gone because your assets will go to the deserved hands and you can be rest assured that you will not have to be concerned about your assets. This process will minimize your worries regarding what will happen to your assets when you are gone because it will help in diving it among all your family members according to your desired proportion. Hence the money will go only to the ones where you want it to go and your family members will have enough money to live and spend even after your death. It is the best way of protecting you and your family as it involves fair distribution of your assets along with provisions for covering multiple scenarios that might come up later in life. Estate planning also includes details about who will have your power of attorney, details about medical treatments, looking after your children and rights of your spouse. But the assistance of an experienced and skilled lawyer is very important who will help you with the entire matter.

What Are the Pros and Cons of Gold IRA?

One of the most popular investment tools is gold, mainly because it is the only asset that never seems to drop in value even when the economy is at its lowest. However, investing in gold IRA is not something that is meant for everyone.

IRA stands for individual retirement account which offers benefits for people who want to save up for their retirement. There are two kinds of IRA, and they are: traditional IRA and Roth IRA. A successful IRA is defined by good investment returns, asset protection, and portfolio diversification.

Yes, gold IRA is one of the smartest investments that you can make, but there is no guarantee that it will work out well because the one making the investment needs to be properly equipped, knowledgeable, and have some experience with this precious metal. Here are some of the pros and cons of gold IRA. One of the best gold ira companies is regal assets that are reviewed here – http://thegoldirabuyersguide.com/reviews/regal-assets/

Pros

•    Gold IRA is self-directed, meaning any retirement plan – such as your 401k or current IRA plan – can be rolled over or transferred over into a gold IRA.
•    New investors will be able to take advantage of proper customer support when getting a gold IRA. This will help them roll over their current IRA or 401k towards a gold IRA with ease.
•    The entire setup process won’t take too long to complete. All the procedures and relevant formalities can be completed within two days as a business.
•    If your investment is long term, then a gold IRA can soften the risks that come with it.
•    Gold IRA’s also have more security because the money that you invest in them will all go directly into physical assets.
•    You can use gold IRA can be used as a hedge against inflation, stocks and plummeting currency values.
•    Gold’s price will usually rise whenever there is a financial scenario, such as stock market failures, foreclosures, unemployment, etc. Experts are expecting the price of gold to soar to new heights in the near future.

Cons

•    You can only use certain types of bars and coins when investing in gold IRA, which is in accordance with IRA rules. Before 1997, the only approved coins were American Eagle gold coins. Nowadays, the IRS has expanded its coverage rule and now allows the use of several other bullions and coins as long as they are pure enough.
•    You will not be able to physically possess the gold since it needs to be stored inside a special depository box. This also means that you will have to a pay a fee to the custodian firm holding your gold. You may have to pay around $100 to $200 for the fees with additional costs coming in in the form of storage costs and insurance.
•    Account funding for gold IRA, which you can do via transfer, rollover or contribution, can take several weeks to complete.
•    The trustee or custodian arrangement must be handled by you – the IRA owner. This can take up a whole lot of your time and effort. Investors who are new to gold IRA may find this to be a bit stressful.

So there you have it. These are all of the pros and cons that are associated with gold IRA. To find the best gold ira company read this – http://thegoldirabuyersguide.com/reviews/companies/ Gold is definitely something that will be worth investing in, but just remember to learn as much as you can about this precious metal before spending your money on it.