ESTATE PLANNING

If you think your assets are too small to require an estate plan, you may want to reconsider. Having an estate plan makes good sense from a variety of perspectives. An estate plan can:

ensure that assets are distributed according to your wishes
help minimize estate taxes and court costs and improve the distribution to beneficiaries
protect your young children or grandchildren from receiving a large sum of money without any planning or direction. You can also decide whether to nominate a guardian for your child, in the event that neither you nor the child’s other parent is able to care for them due to an untimely death
allow you to choose an executor whom you trust, who knows your wishes, knows your family, and has knowledge of the contents of your estate, rather than a court-appointed executor
allow your business to continue after your death with a successor of your choosing, thereby reducing the chance of a forced sale

A Will may not be Adequate

Many individuals are under the impression that a will is a sufficient means of estate planning. Having a will is a great first step, but alone, it may be legally insufficient to facilitate the attainment of all your estate planning goals and objectives. An estate plan should include:

a valid, up-to-date will
a durable power of attorney
a living will or health care proxy
instructions to your executor regarding the disposition of your assets, as well as other requests
an inventory of your estate
life insurance to provide cash to your survivors to help fund the payment of debts and estate taxes

Additionally, you may want to consider a trust, depending on the size of the estate and your particular goals. If you have a basic estate plan, then you’re in better shape than the majority of Americans.

Financial Consultation

If you're not sure call us for a free financial consultation. Our strategies are conservative and our methods prudent.