Estate Planning Creates Happy Families!
Estate planning is one of the most overlooked components of the financial plan. Most people think only the wealthy need trusts and elaborate estate plans to save or postpone taxes and transfer their wealth. But in reality, most Americans need to look at the basic components of an estate plan which typically include a will, power of attorney, medical power of attorney, and possibly a trust and other related documents.
Our Estate Planning Services
Our Estate Planning service may include an analysis of your exposure to estate taxes or a review of your current estate plan, including wills, powers of attorney, trusts and other related documents. Our advice typically includes ways for your financial assets and personal items to transfer smoothly and as you desire, as well as methods to minimize or avoid future estate taxes by implementing appropriate estate planning strategies such as the use of applicable trusts.
We always recommend that you consult with a qualified attorney when you initiate, update, or
complete estate planning activities. We may provide you with contact information for attorneys
who specialize in estate planning if you wish to hire an attorney for such purposes. From time to time, we will participate in meetings or phone calls between you and your attorney with your
approval or request.
Is a Trust Necessary?
A trust is not always necessary, but it does provide some significant advantages over a will. Some examples include:
- Allows your beneficiaries to avoid probate court
- Keeps your financial matters private from public record
- Is generally non-contestable
- You control how and when your assets transfer, even though you’ve passed on
Most Americans should have an Estate Plan, but not everyone needs a trust. However, trusts are not just for the wealthy. Anyone concerned about asset transfers, no matter how small, should look into the benefits of having a trust to manage the asset transfer. A good example is a blended family with children from both one or both parents that may be vulnerable to any inheritance going to a surviving spouse instead of the intended children.
- Download this PDF from Charles Schwab – Why You Need an Estate Plan
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