[SOUTH JORDAN, 03/22/2018] — MDF Estate Planning, Inc. provides estate planning for individuals with higher than normal net worth. An individual’s net worth is relevant in evaluating his or her current financial situation and is indicative or a person’s assets and liabilities.
Average American Net Worth
A person’s net worth is the grand total of his assets minus his liabilities. Assets take the form of the person’s belongings such as bank accounts, properties, and other valuables. Meanwhile, liabilities are payables or debts. In theory, the net worth is the value in cash that a person would have after he or she sells everything that he or she owns and pays off all debt.
As of 2011, the average American net worth was pegged at $68, 820. However, there are those who have a higher than average net worth. This includes business owners, ranchers, and property owners or landlords.
Renting a living space is common and, often, uneventful. There are some exceptions every now and then. When a tenant encounters an accident in a rented space, for instance, they will almost always hold the property owner accountable. Should the court agree with the tenants, the property owners need to pay the amount agreed upon to cover the damages.
MDF Estate Planning Services, Inc. places people’s property out of harm’s way in special trusts. This protects their most valuable assets should a judge demand payment for damages.
Estate planning is necessary regardless of one’s net worth, but it is especially important for high net worth individuals. Their valuable assets could be a source of contention or could go unutilized if they are not properly appointed to beneficiaries before the individual’s death.
The company advises that people should not wait to plan their estate. Apart from giving their beneficiaries some peace of mind, it also ensures that they have the final decision as to who benefits from specific assets.
About MDF Estate Planning, Inc.
MDF Estate Planning, Inc. serves people who wish to avoid liability issues. The company goes through a one-on-one consultation with their client in order to create a customized program. For more information about the company and their services, visit https://mdfestateplanning.com.