Legacy Planning

Creating an optimal strategy for your estate is more than just managing estate taxes … it’s about organizing your assets so they pass to your family, loved ones or a charity in the manner you wish. It’s about maximizing how much you leave behind, while still ensuring that your financial needs are taken care of for the rest of your life.

Some people believe that estate planning is only necessary for the wealthy, but this simply isn’t true. There are plenty of reasons why you should do estate planning, regardless of your net worth. For one thing, this will help to define who inherits your assets. It also determines who will be the guardian of your minor children or any dependents with special needs. The components of estate planning usually include a will, a durable power of attorney, and a medical power of attorney.


Establishing a Trust

Legacy planning is critical to ensure that your family receives the assets you have accumulated during your life.

Regardless of how much money you have, we feel legacy planning is the best way to
protect the financial interests of your family when you are no longer here to do so.

One tool at your disposal during estate planning is the trust. A trust is a key instrument in helping you minimize estate taxes and probate exposure. As you can tell, it could be worth a lot to you and your heirs to do a little planning ahead.

Keep Good Records

Another key facet of estate planning is keeping good records, not just of your assets, but also documents that describe your wishes. As an example, your will should outline who you want to inherit your assets after you die, as well as who you’d like to manage your finances or make medical decisions for you in the event that you are incapacitated. These documents are also helpful because they reduce the time and expense of estate settlement, which makes it easier on your heirs.

If you have worked with someone in the past, and you THINK your estate is properly structured, it may not be. There have been substantial changes in estates laws and taxes in the last couple of years and your plans may no longer accomplish what you think. Also, it’s likely that your situation has changed dramatically since you last examined this part of your financial picture.