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 wish to ensure that you are in control of what happens to your estate, and if you want to help guarantee that your estate is handled in accordance with your directives, then having an Estate Plan is paramount.
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 upon your passing, so choosing the right person is critical to your plan’s success. We’ll help you understand what criteria you should consider when appointing someone to discharge this all-important role, especially if minor children or guardians are involved. Proper beneficiary designation is equally important because if you don’t choose beneficiaries for your assets carefully, your estate might well end up in the hands of individuals you never intended should benefit from them. We also help ensure that health and welfare directives are in place so decisions about your care reflect your values rather than being left to others.
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.
What We Can Do For You
Our estate planning services includes:
Your will should be the corner stone 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 Estate disposed. From a simple will to a Testamentary Will, or Joint Wills and Living Wills – our knowledgable staff will help you navigate through the complexities so you won’t need to stress over what’s what!
Whether it’s to manage specific assets, like your investments, bank accounts or real estate holdings after you're gone; or whether it’s meant to help others make health-care decisions in your best interest in case you are ill or incapacitated, you need to have a POA in place to help ensure your wishes are followed. A well-crafted POA will also smoothen how decisions about your final arrangements, and those related to your estate, are taken care of once you pass.
The Executors of your Estate wield strong powers that determine how your Estate is finally dealt with upon your passing. We’ll help you understand the importance of choosing an executor (s) for your Estate, and what criteria you should consider when appointing someone to discharge this all-important role – especially if minor children/guardians are involved.
If you don’t choose beneficiaries for your assets carefully (or not at all!), your estate assets might well end up in the hands of individuals that you never intended should benefit from them.
A well-thought-out Estate Plan will help ensure that all of the needs of your dependents (be they minors, adult children, siblings, persons with special needs or aging parents) are taken care of in accordance with your desires.
Without a well-thought-out Estate Plan, a considerable part of your estate could erode through taxes, fees and other levy’s, even before your designated beneficiaries see a cent!
Though you might no longer be here, many of your assets – like your long-term investments, property and other tangible assets – will likely need care, protection and management until they are finally disposed of, and the proceeds distributed to your designated beneficiaries. In the absence of an Estate Plan, your assets will likely not receive the type and level of protection those assets require.
A comprehensive Estate Plan contains several components, including directives to your Executors and POA-holders about what to do in case your health (mental or physical) deteriorates. In the absence of those components of your Estate Plan, decisions impacting your health and welfare might be made by others (likely medical professionals or state-appointed representatives) whom you do not trust.
Without a proper Estate planning, your assets might not be distributed in line with your final wishes. And because creating legally-binding wills and ensuring the Estate Plan are in sync with the Will is essential to help ensure proper distribution of your estate, our professionals can support you in this endeavor.
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.