How to Use Precious Metals in Your Estate Plan
Have you ever given some thought to estate planning? We might know when we’re born, but the day of departure remains a mystery. Think of your family, your friends. What will happen to them after you’re gone? Sure, you might have saved up a lot of assets, including precious metal investments, commodities, stock and shares, but they may become worthless to you after your departure. Estate planning can help with that.
What is Estate Planning?
Estate planning is the process through which you legally select who you want to designate your assets if you pass away. Estate planning allows the transfer of tangible assets like property, vehicles, collectibles and possessions and intangible assets like stocks and bonds.
The main goal of estate planning is transferring assets to designated heirs in a way that allows the minimization of estate taxes.
Precious Metal In Estate Planning
You can use precious metal investments like gold or silver bullions as estates you want to offer. According to experts, you would need the following elements to make your estate plan:
- An Attorney: You would need an attorney to help plan your estates. They can offer the best advice to help you dodge estate taxes.
- 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, inherited will below $11.7 million is exempted from tax. Offering them gold or platinum bullions can offer a hedge during economic turmoil.
3. Gift it To Friends and Family
To keep your estate safe from estate law, consider offering the portion you want to give to your heirs as gifts. According to the IRS, you can give anyone a gift worth $16,000 tax-free. Consult with your attorney before giving any precious metal gifts
Set up a Precious Metal IRA to Save Gold Investments
If you still don’t have a precious metal IRA to store your silver, gold or other precious metal bullion, contact Orion Metal Exchange. We advise investors about the best investment option that meets their needs and provides secure storage for their gold and precious metal investments. Contact us today to learn more about our metal products and other services.