We look at our financial life in two phases; one while we are living and the other when we are not. We refer to these two phases as, your life and your legacy. Think of estate planning as asset protection once you are no longer physically able to make choices and decisions. The goal of estate planning is to ensure that you will always be in control of your wealth, while you are living and to create your legacy.
Estate Planning Services & Products
The 4x4 Financial Independence Plan ℠
The Smart Legacy Plan Organizer ℠
Charitable Trusts & Annuities
Deferred Sales Trusts
Micro-Captive Insurance Companies
Retirement Plans (Company Sponsored) Pension & Profit Sharing Plans - The Super(k)
Retirement Plans (Self-Directed) IRA's, 401(k)'s, SEP's, SIMPLE's, Roth's
Coaching and Consulting
Delaware Statutory Trusts
Insurance-Long Term Care
Real Estate Rentals (Direct)
Real Estate Rentals (Partnerships & Syndications)
Why You Need an Estate Plan
You need an estate plan, regardless of whether or not you are among the ultra-rich. As recent news has shown, even those who have won the lottery or have substantial wealth can fall victim to poor estate planning.
While federal estate taxes may not concern you, you need a will to have your wishes honored after your death. Without a will, state law dictates the distribution of your assets, which may not align with your intentions. Additionally, if you have minor children, a will allows you to name a guardian to care for them in the event of your untimely passing.
Your heirs will want to avoid probate because it can be a costly and time-consuming legal process. A living trust gives you a valuable tool to avoid probate. By transferring legal ownership of your assets to the trust, you can ensure that your beneficiaries receive them without suffering through probate.
You can amend your living trust as circumstances change, providing flexibility and control over your assets.
It is also essential to keep your beneficiary designations up-to-date, as they take precedence over wills and living trusts regarding asset distribution. (Our Smart Estate Plan Protector ℠ will help you with this).
Additionally, if your estate will suffer from federal or state death taxes, you should plan to minimize your exposure.
Estate planning is not a one-time event but a process that you should review and update regularly to accommodate life changes and fluctuations in estate and death tax rules. We recommend checking your estate plan annually to ensure it aligns with your wishes and circumstances.
If you have any questions or concerns about estate planning, please do not hesitate to contact us.
Browse All Estate Planning Articles, Videos, Podcasts
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Having a will is necessary, but there is a great deal of information the legal document does not include. Here’s what to cover in a supplemental letter that specifies preferences, discloses critical logistic info, and will save your family significant stress during a...
If you own your home, and you have at least 50% equity to market value, watch this video to learn how you can (and why you should) convert that home equity into a contract that will allow you to withdraw annual tax free income at retirement. Click here or click image...
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Even if we have a will at the time of our passing, all of our assets and liabilities will need to be settled in probate court before they can be distributed to our families. Watch this short video to learn how your estate can easily avoid the delay and cost of probate...
Estate Planning If you got hit by a bus tomorrow, would your loved ones know how to access your important records? Would they know which accounts you hold and where your money is? What about insurance policies? Real estate ownership papers? You may have your records...