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Estate Planning

Estate preservation and your financial plan

In your financial plan you accumulate assets and then work to protect those assets, when you pass on, where does your assets go? Everyone already has an estate preservation plan, the state has one for you if you do not set up a will.  Without an estate preservation plan setup, your assets will go to the state’s probate court and your loved ones will need to deal with the court to decide on ownership of assets and where they will go. This hassle can be completely avoided with an estate plan in place. 

This aspect of financial planning is complimentary and available at any time to you when you are ready to design your wishes to be fulfilled. We do suggest you do not put this off and make it a priority for yourself. It is one thing that you will not regret, if you do it.

What can my financial Professional do for my estate Preservation plan? 

1. Review designated beneficiaries on each open account and reassign if needed

2. Set up appropriate accounts to be "Pay on Death" or "Transfer on Death"  

3. Establish the overall financial condition by reviewing your income and expenses and assets and liabilities

4. Determine tax consequences & burden at death on your overall estate to protect your beneficiaries

5. Review what documents you already have in place: will, trust, power of attorney, and business agreements

Estate Preservation: Tax Considerations

We are one part of your process in your estate preservation plan.

Our first priority is helping you get your financial life sorted.  We strongly recommend this service for our clients. Size doesn't matter, your wishes do matter. The second part is finding an attorney you wish to work with to handle the legal side of an estate preservation plan. Additionally, you may want to arrange your medical directives and begin working with you CPA.

“If You Fail to Plan, You Are Planning to Fail” 

Benjamin Franklin

What are Critical Elements of an Estate Preservation Strategy?

This might be helpful to you – Establishing an estate preservation strategy is crucial, yet many wait too long to put their wishes in writing. Use this helpful guide to review your estate preservation strategy and start conversations with your loved ones, financial professionals, and legal team.