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Why Estate Preservation Is Important

Financial advisor Barry Kornfeld operates as the principal of Florida-based firm First Financial Tax Group. In this role, Barry Kornfeld focuses on providing clients of pre- and post-retirement age with alternative tax, growth, and income services, including estate preservation services.

Many people operate under the incorrect assumption that they do not have an estate because they don’t own a home or large piece of real estate property. However, an estate is comprised of a wide array of personal possessions, including things like the contents of bank accounts, investments, personal items, retirement funds, and even shares in a business.

Enlisting the help of a professional advisor in estate preservation can be beneficial for those with loved ones that they wish to inherit belongings or property after their passing. Planning for an estate provides people with the benefit of having control over whom among their loved ones receives different possessions. It also can diminish the amount of taxes and settlement costs that the estate pays out after their passing. Additionally, estate preservation services can help lay out plans for the financial support and care of loved ones who are left behind in the wake of a death. To be sure, Kornfeld and his team work closely with the family's legal experts, or if needed, will refer to local estate planning lawyers so the family may decide on the appropriate legal counsel. Together, the clients are then very well served with some phenomenal results and outcomes for their families and loved one, and peace of mind for the senior.

 

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