Top 5 Estate Planning Benefits for Real Estate Investors
By: Cristin Gerczak. Esq.
September 14, 2021
So you’re a savvy real estate investor. Of course you want to grow your portfolio and maximize a legacy that your loved ones can eventually inherit.
Estate planning for real estate investors does more than help you manage your portfolio. It covers all of the expected and unexpected areas that will set up you, your portfolio, and your family for long-term success.
A Portfolio Plan is Simpler than You Think
A failure to plan or a poor plan can result in unnecessary court, costs and conflict (litigation). You may feel apprehensive about planning, but it doesn’t have to be this way. And when you consider the advantages of a solid plan, you might feel much more motivated to take action.
Here are the top five benefits of estate planning to help real estate investors like you.
- Avoid probate. The last thing you want is for each of your investment properties to go through the lengthy and costly court-riddled probate process. A solid estate plan can avoid the probate process, keep your portfolio intact, and ensure its continual thriving. And remember, probate is a public affair. Your portfolio and its value will be disclosed in the court system to all interested parties.
- Leave behind a legacy. You created this accumulation of real estate with a goal in mind, right? Using sound organizational structure and thoughtful planning will help you achieve that goal and leave behind a legacy worthy of your pride.
- Minimize risk. There are many risks associated with owning and managing real estate. An experienced estate and business planning attorney can help you understand potential pitfalls and approach your estate plan in the most advantageous fashion. They’ll help tailor your to-do list to your goals. Done properly, we can mitigate the risk of inside creditors (creditors of the property itself) and outside creditors (creditors taking the property to satisfy the judgment for personal debts). Check out our asset protection series here.
- Taxes. We can minimize estate, gift, GST, and income taxes both now and for your beneficiaries after you’re gone. You can accumulate significant savings in this way. In addition, proper structure will minimize the tax filings, so it will be more organized and efficient.
- Be prepared for the unexpected. A solid estate plan will set up your real estate investments to continue operating smoothly in the event that you become disabled or incapacitated.
If you’ve read this far, it’s clear that you want to build success and a long-lasting business. We can help you achieve your estate planning goals to help you feel accomplished and confident. We want to guide you to continued success. Schedule an appointment now to get started.
Author:
Cristin Gerczak, Esq.
Haimo Law
Strategic Planning With Purpose®
Email: cgerczak@haimolaw.com
YouTube: http://www.youtube.com/user/haimolawtv
YOU ARE NOT OUR CLIENT UNLESS WE EXECUTE A WRITTEN AGREEMENT TO THAT EFFECT. MOREOVER, THE INFORMATION CONTAINED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. EACH SITUATION IS HIGHLY FACT SPECIFIC AND EXCEPTIONS OFTEN EXIST TO GENERAL RULES. DO NOT RELY ON THIS INFORMATION, AS A CONSULTATION TO UNDERSTAND THE FACTS AND THE CLIENT’S NEEDS AND GOALS IS NECESSARY. ULTIMATELY WE MUST BE RETAINED TO PROVIDE LEGAL ADVICE AND REPRESENTATION. THIS INFORMATION IS PROVIDED AS A COURTESY AND, ACCORDINGLY, DOES NOT CONSTITUTE LEGAL ADVICE.
