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Types of Succession Planning Tools

Several tools are available to facilitate succession planning:

• Wills: A legal document that specifies how assets should be distributed upon death. It is essential for ensuring that your wishes are followed, but it may require probate, which can be time-consuming and costly.
• Trusts: Trusts offer more control over asset distribution and can help avoid probate. They can be tailored to specific needs, such as providing for minors or managing assets for beneficiaries who are not financially savvy.
• Life Insurance: This can provide immediate liquidity to cover estate taxes and other expenses, ensuring that your heirs receive their intended inheritance without financial strain.
• Gifting: Transferring assets during your lifetime can reduce the taxable estate and provide immediate benefits to recipients. The IRS allows an annual gift exclusion, enabling you to gift up to $15,000 per recipient without incurring gift taxes².