Estate Planning helps get the right assets to the right people, at the right time, with the least amount of tax.
Objectives of Estate Planning
- Provide financial security for you, your family and future generations using tools offering creditor protection.
- Arrange for guardianship and care of minor children or family members with special needs.
- Define how and when your assets will be distributed using strategies such as lifetime gifting, charitable distributions and trusts.
- Put the plan into action with your legal and tax advisors.
- Choose who will act on your behalf if you are unable to do so.
- Outline care if you become seriously ill or injured.
- Maintain privacy of your financial affairs.
- Minimize taxes by planning for the uncertain future of the federal estate tax laws.
Questions to Ask
- Have you protected your wealth?
- How and when should others receive their gift or inheritance?
- Does your estate have sufficient liquidity to meet tax and other obligations?
- Will your assets pass to your beneficiaries according to your wishes?
- Are your assets properly titled?
- Does your plan provide flexibility to meet changing times?
- When were your beneficiary designations last updated?
- Have your considered creating a retirement income distribution plan with legacy in mind?