What is Estate Planning?
Estate planning is the process through which you legally select who you want to designate your assets when you pass away. Estate planning allows the transfer of tangible assets like property, vehicles, collectibles, personal possessions of value, and intangible assets like stocks and bonds.
The main goal of an estate plan is to transfer assets to designated heirs in a way that allows the minimization of estate taxes.
Estate Planning with Precious Metals
You can include provisions for precious metal investments like gold or silver bullion coins in an estate plan. According to experts, you would need the following elements to make your estate plan:
An Attorney: You will need an attorney to assist with your estate plan. They can advise and help you structure your estate plan.
A Will: It is a legal document describing the procedure through which the heirs receive the precious metal assets.
An Executor: You would also designate an executor whose role is to deal with debts and the distribution of assets.
Here are a few ways to transfer your precious metals through an estate plan:
1. Donate to a Trust or Foundation
You can give a part of your precious metal holdings to a charity, institution, or hospital that you support.
2. Pass It to Loved Ones
You could select legal heirs to your precious metal investments through your estate plan and can offer them your estates after departure. According to the IRS, an inheritance below $11.7 million is exempt from tax.
3. Gift it To Friends and Family
To remain within estate law guidelines, consider offering assets as a gift to your heirs. According to the IRS, you can give anyone a gift worth $16,000 tax-free. To ensure compliance, consult with an attorney before exercising this option.
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