SURVIVORSHIP / ESTATE PLANNING
For some people, financial planning is mainly concerned with how best to go about building a nest egg, and how to make it last through retirement. But for many, there is a desire to ensure their estate delivers benefits beyond their own retirement, and produces a lasting legacy even after they have passed.
Why Estate Planning Is Important
If you want to ensure that you are in control of what happens to your estate and to help guarantee that your estate is handled in accordance with your wishes, then having a proper estate plan is crucial.
Estate Planning Fundamentals
Our primary goal is to help you understand the pension or defined contribution plan that is provided to you by your employer and we are educated on hundreds of different pension systems around the country. Our goal is to leave no stone unturned as you approach retirement and after that, a conversation has to start with the simple question, “What will my guaranteed income be in retirement?” We believe the best time to start planning is yesterday, so we often work with clients in the few years leading up to retirement on planning their exit strategy.
Decision Making & Family Considerations
The executors of your estate wield strong powers that determine how your estate is finally dealt with after your passing, so choosing the right person is critical to your plan’s success. We’ll help you understand what criteria to consider when appointing someone to this all-important role, especially if minor children or guardians are involved. Proper beneficiary designation is equally important because if you don’t choose carefully, your estate might well end up in the hands of individuals you never intended.
Asset Protection & Legacy Planning
A well-thought-out estate plan ensures that all of your dependents’ needs are taken care of in accordance with your desires, whether they’re minors, adult children, or family members with special needs. Without proper planning, a considerable part of your estate could erode through taxes, fees, and other levies before your designated beneficiaries see a cent. We help protect your assets during the transition period and ensure they receive proper care and management until final distribution. Our approach also includes health and welfare considerations, ensuring decisions about your care align with your values rather than being left to medical professionals or state-appointed representatives.
Survivorship Planning Step-by-Step
Your will should be the cornerstone of your estate plan. We can help you understand why and how you should structure this document so your legal team can create a will that reflects how you want your assets disposed.
Whether it’s to manage specific assets, accounts, or holdings after you’re gone, or to help others make healthcare decisions in your best interest if you become ill or incapacitated, you need to have a reliable POA in place to help ensure your wishes are followed.
The executors of your estate wield strong powers in determining how your estate is dealt with. We’ll help you understand the importance of choosing the right executor(s) and what criteria you should consider.
If you don’t choose beneficiaries for your assets carefully and designate them properly, your estate assets could end up in the hands of individuals you never intended.
A proper estate plan will help ensure that the needs of all your dependents (whether minors, adult children, siblings, persons with special needs, or aging parents) are taken care of in accordance with your desires.
An important part of estate planning is helping to ensure that working to ensure that a considerable part of your estate does not erode through taxes, fees, and other levies before your beneficiaries see a cent!
Though you might no longer be here, many of your assets, such as long-term investments and real estate, will likely need care, protection, and management until they are finally disposed of and the proceeds distributed to your beneficiaries. A proper estate plan ensures your legacy is well-protected.
A comprehensive estate plan includes several components designed to help ensure your wishes are followed if your mental or physical health should deteriorate. In the absence of these, decisions impacting your health and welfare might be made by others, such as medical professionals or state-appointed representatives.
Without proper estate planning, your assets might not be distributed in line with your final wishes. Your family and loved ones may end up arguing and undergoing more stress at an already emotional time. They may also end up incurring legal fees as the distribution of your assets gets sorted out. We’ll help you avoid these pitfalls!
Start Your Survivorship Planning Today
Let’s work together to create an estate plan that aligns with your goals and gives you peace of mind about your family & your future.