Estate Planning

Estate Planning

You have worked a lifetime to accumulate the assets that you have. Good estate planning ensures that you maintain control and ownership over those assets even in the case of 2 very important events occurring- incapacity and/or death. Everyone needs an estate plan regardless of the size of their net worth. Your money should go to your designated beneficiaries not the government, an attorney, or a probate judge.

We are not attorneys and cannot give legal advice but we do have relationships with estate planning attorneys and certified legal document preparers that can assist you in putting together a comprehensive estate plan tailored to your specific financial goals, timeframe, and personal family situation.

A good estate plan may include some of the following documents:

  1. Statement of Net worth identifying all assets
  2. Revocable Living Trust
  3. Marital Trust
  4. Irrevocable Trust
  5. Last Will and Testament
  6. Financial Power of Attorney
  7. Health Care Power of Attorney
  8. Living Will
  9. Irrevocable Life Insurance Trust (ILIT)
  10. Charitable Remainder Trust (CRAT/CRUT)
  11. Real Estate Beneficiary Deeds
  12. Transfer or Payable on Death
  13. Special Needs Trust

Possible goals of good estate planning:

  • Naming of beneficiaries and when they will receive the assets
  • Name a personal representative or trustee to handle your affairs
  • Naming a health care agent to make decisions if you are not able to
  • Avoid the costs, delays, and publicity of the probate process
  • Avoid or defer federal income, estate, or gift tax
  • Maintain ownership and control of assets
  • Create a legacy for future generations
  • Keep assets from possible creditors
  • Lessen the chance for disagreements between children/heirs at time of passing
  • Using Roth and Stretch IRA provisions
  • Using life insurance and annuity strategies to maximize future income or death benefits
  • Estate freezing or reduction strategies
  • Charitable gifting
  • Clarification of beneficiaries in 2nd marriage situations
  • Ensure assets stay in the family in the case of divorce or premature passing of a child
  • Financial security for surviving spouse

To discuss these options further as they regard your specific financial situation please contact one of our advisors.

Advisory Services offered through Dynamic Wealth Advisors Inc.,  a Registered Investment Advisor.

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