What is estate planning?

Estate planning addresses the transfer of all assets you've amassed over your lifetime. These assets typically include investment accounts, investment properties, companies you have ownership in, personal property, and/or collectibles, but your estate can extend well beyond these items too.

By law, someone must inherit everything when you pass. When this happens without proper estate planning, the process can be very difficult for your heirs to manage while they're dealing with the emotions of losing a loved one.

Our estate planning strategies are designed to help your chosen beneficiaries inherit your assets as you wish in an efficient manner.

 

 

Intentionally structuring the assets in your estate will also help you avoid unjustly losing them. You've worked hard for everything that you have, and we want you to be protected.

Estate planning can feel daunting at first, but once we identify your goals, it typically becomes rather manageable.

We are not attorneys, and we do not provide legal advice. However, we will work with your attorneys and help guide you through the process and implement any legal documents that relate to your investments. Listed below are some basic estate planning concepts.

  • Wills, Living Wills, and POAs
    • Wills are necessary for passing on assets after you die. They should be reviewed every few years to make sure nothing has changed.
    • Living Wills allow your medical wishes to be followed in the circumstance where you become incapacitated but are still living.
    • Having a power of attorney will allow someone of your choosing to make decisions on your behalf. A durable POA can make decisions even if you become mentally unable to do so.
    • Create a “Family Love Letter” to convey wishes that fall outside of financial accounts and legal documents.
  • Beneficiary Updates
    • It’s important to review your beneficiaries periodically to address changes.
    • Consider leaving certain assets to individual beneficiaries based on their financial situation rather than yours.
       
  • Asset Location
    • Locating your assets in specific account types can allow some to pass on to beneficiaries with added tax benefits.
  • Gifting, QCDs, and 529 Plans
    • Gifting is a common strategy for moving assets out of your estate. There are techniques we can use that aim to maximize your gifts.
    • QCDs (Qualified Charitable Distributions) are one way to gift to charity while satisfying your RMD requirements and reducing taxes simultaneously.
    • There have been recent changes to 529 plans. While their primary focus is still education funding, there are more freedoms allowed now that can be effective for estate planning.
       
  • ILITs and other Life Insurances
    • These can be designed to move assets out of your estate and pass them onto beneficiaries tax free.
  • Charitable Remainder Trusts
    • These can be an effective way of generating income while moving assets out of your estate, with the added benefit of contributing to a charitable cause.
  • GRITs GRATs and GRUTs
    • These can be an effective way of generating income while also moving assets out of your estate.