Estate
& Legacy
Planning

When major life events happen, such as birth, death, marriage, or divorce, it is crucial that you have a relevant and updated estate plan that preserves your legacy. This type of planning includes the distribution of your assets, both during your life and upon your death. By working collaboratively with a qualified Estate Planning Attorney, our goal is to help you:

Maximize your Estate
& Income Tax Planning
Opportunities

Protect your IRA and Qualified Accounts
from Becoming Fully Taxable
to your Beneficiaries Upon your Death

Protect any Assets in Trust
& Ensure they are Distributed
to your Beneficiary’s Probate Free

Estate and legacy planning are key steps in preparing for the transfer of wealth and assets to future generations, charitable organizations, or other beneficiaries. This process takes place via the creation of a comprehensive plan that includes a variety of factors, such as taxes, asset protection, and the needs and desires of heirs or beneficiaries. Some important elements of estate and legacy planning include:

01 creating a will or trust

02designating beneficiaries on various types of accounts

03minimizing estate taxes

04setting up charitable giving plans

05planning for long-term care – and more!

By working with our team of experienced financial advisors, individuals and families can create a tailored plan that meets your unique needs and goals and helps ensure that your legacy is protected and preserved for future generations.

Wills And Trusts

Wills and trusts are important legal documents used in estate planning to help ensure that an individual’s assets are distributed according to their wishes following their death. A will is a legal document that outlines how an individual’s assets will be distributed and who will be responsible for administering their estate. A trust is a legal arrangement in which assets are managed by a trustee for the benefit of an heir. Trusts can be revocable or irrevocable, and can be set up to provide a variety of benefits, such as avoiding probate, minimizing estate taxes, and protecting assets from creditors. Both wills and trusts can be important components of a comprehensive estate plan, so it is important to ensure that they are properly drafted and up-to-date.

Education Planning

Education planning is an important aspect of estate planning for individuals who want to ensure that their loved ones have access to educational opportunities. This can include setting up a trust or other type of account specifically designated for education expenses, such as tuition, books, and room and board. By planning ahead, families can help ensure that their future generations have the financial resources they need in order to pursue their educational goals.

Estate Taxes

As healthcare costs continue to increase at a rapid rate in the US, the importance of properly structuring healthcare plans cannot be overstated.

01 Estate taxes are levied on the value of an individual’s assets at the time of their death.

02 The amount of tax owed is based on total value of the estate, including real estate, stocks & personal property.

The laws surrounding these taxes are complex and can vary by state and country, but in general, estates that exceed a certain value threshold are subject to taxation. If the value threshold is reached, these taxes can significantly reduce the amount of wealth that is passed on to heirs, so it’s important to understand the rules and plan ahead to minimize the effects.

Let’s work together to minimize the impact of estate taxes

Strategies for reducing estate taxes can include

making gifts to beneficiaries
during your lifetime

setting up trusts to hold
& manage assets

using life insurance policies to help
cover the cost of estate taxes

Protecting Qualified Accounts

Qualified accounts, such as IRAs and 401(k)s, can be important sources of retirement income and are often a significant part of an individual’s estate. However, if not properly planned for, these accounts can be subject to significant tax liabilities and other risks upon the account holder’s death. To protect qualified accounts during the process of estate planning, it may be necessary to consider strategies such as naming beneficiaries on the accounts, setting up trusts to hold the accounts and manage distributions, and coordinating the distribution of the accounts with other aspects of the estate. Additionally, it may be important to consider the tax implications of distributions from qualified accounts.

Beneficiary Designations in Estate Planning

Beneficiary Designations

The designation of beneficiaries is a critical part of estate planning that involves naming individuals or organizations who will receive assets upon your death. These designations typically supersede instructions in a will or trust, so it’s important to keep them up-to-date and in line with your overall estate planning goals. This task can have significant tax implications and can also impact how your assets are distributed, so it’s important to work with an experienced financial advisor to ensure that your designations are properly aligned with your overall estate plan. By properly designating beneficiaries, you can help ensure that your assets are distributed according to your wishes and that your loved ones are protected and provided for after your death.

Power Of Attorney

Power of attorney is a legal document that grants an individual or organization the authority to act on your behalf in certain situations, such as managing your finances or making medical decisions, if you are unable to do so yourself. There are several different types of power of attorney, including durable power of attorney, which remains in effect even if you become incapacitated, and limited power of attorney, which grants specific powers for a limited period of time. Creating a power of attorney can be an important part of legacy planning, as it ensures that someone you trust is able to manage your affairs if you are unable to do so.

Long Term Care

Long term care insurance is a type of policy that covers the ongoing assistance and support that individuals may need as they age or if they experience a chronic illness or disability. This type of care can include a range of services, such as home health care, assisted living facilities, and nursing homes. Long term care can be expensive, and planning ahead for these costs is often overlooked, but highly valuable to ensure financial security for yourself and future generations. Strategies for addressing long term care needs can include purchasing long term care insurance, setting up a trust to hold and manage assets, and ensuring that your estate plan includes provisions for long term care planning.

Business Succession

Succession planning is an important aspect of estate planning for individuals that own a business. This process involves developing a plan for the transfer of ownership and management of the business to ensure its ongoing success and the financial security of its owners and their heirs. Succession plans may include strategies such as transferring ownership to family members, selling the business to employees or outside buyers, or liquidating the business. Effective succession planning requires careful consideration of a variety of factors, including the goals of the business owners, the financial needs of the business and its heirs, and the tax implications of different strategies.