Estate planning is crucial for wealth preservation, involving strategies to protect and transfer assets, minimize taxes, and ensure wishes are honored. Key components include creating a will to prevent disputes, obtaining life insurance for financial security, and setting up trust accounts for tax benefits. Family Limited Partnerships (FLPs) can aid in asset transfer while maintaining control. Diversifying investments reduces risk, and gifting or donating assets can lower estate taxes. Implementing these strategies ensures financial security for future generations.
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