Estate Planning

Estate Planning2024-04-16T12:36:37+00:00

Protect What You Earned with Estate Planning

You have worked hard to accumulate assets over the years to live comfortably in retirement and to plan for the futures of those close to you. It is important you plan now for transferring this wealth without needlessly losing assets to taxes and other wealth transfer costs.

We direct our clients on how to safe-guard their legacy and transfer wealth appropriately and efficiently.

Design an Estate Plan That Preserves Wealth

You and your beneficiaries should receive the bulk of your wealth without interference. Here are the steps we take to ensure your nest egg.

Before you start, it is important to first take a realistic look at your current situation. Are you married? Do you have kids? Stepchildren or grandchildren? Are there any charities you would like your property to go to upon your passing? By answering these and other questions, we develop a complete view of your financial forecast and long term goals.

After you have evaluated your personal situation, you are now able to choose your beneficiaries. These are the people and/or organizations to which you leave your property upon your passing. Make sure your choices are clear so that there are no questions or issues that arise when your property is distributed.

If you have children, it is important to make sure they are provided for and protected in case of an unfortunate event. You will need to decide who will raise your children and who will manage any money and/or property that is legally left to them.

Don’t forget the importance of making arrangements for the handling of your medical and financial affairs if you ever become incapacitated. This is done by putting a Healthcare Directive and Power of  Attorney in place. Not making clear decisions here can result in unnecessary family conflict.

In order to transfer your property to your beneficiaries, legal devices must be put in place such as wills, living trusts and other transfer devices. These are the core documents that will protect and pass on your wealth.

Depending on how much your estate is worth, estate taxes may be owed. Keeping this in mind, especially when high net-worth property is being transferred, is critical to ensure your estate is protected.

It’s important to know that you are not “locked-in” to your estate plan and that changes can be made in your will and living trust at any time for any reason. Be sure to review your estate planning and update information on a regular basis to ensure your wishes are carried out after your passing.

Make sure your family knows who to contact if something happens to you and that your spouse/children knows where all your important financial accounts are located. Not doing these two things can cause extra grief and hardship in a time of loss.

Transfer of Wealth is Simple When You Plan Early

During our Financial Analysis meeting, we find areas within your estate strategy that could derail your retirement or wealth transfer plan. We will work along side your attorney and other service providers (like your accountant) as needed to ensure  your accounts are set up properly to meet your goals.

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