Paycheck

How can my paycheck impact my estate planning process?

Your paycheck plays a critical role in estate planning as it reflects your earning potential which can affect how you allocate resources toward your estate. Saving a portion of your paycheck enables you to invest in life insurance, retirement accounts, or other savings that constitute significant parts of your estate. It also impacts the capacity to fund trusts or make charitable donations. Moreover, understanding your income can help in setting realistic goals for wealth distribution and in calculating potential estate taxes. By actively managing your paycheck, you help safeguard your financial legacy and support your family's future needs.