Estate planning is critical for the proper management and conservation of your assets during and after your lifetime. Elements of estate planning that need to be considered include determining beneficiaries, selecting individuals (such as an executor or trustee) to manage your estate, minimizing expenses, providing adequate capital for expenses, and selecting which distribution techniques to use. Collaborating with your financial advisor and attorney can ensure that your assets will be distributed when, how, and to whom you have determined.

Without proper planning, you assets can be consumed by estate taxes, probate fees, and other expenses- leaving your loved ones with little or no inheritance. Estate planning involves actively managing to account for continuous changes in laws and taxes. Wills, trusts, contracts, and joint-ownership are a vehicles of distribution that can help you preserve your wealth for your heirs.

A will is a written document with instructions on how to distribute your estate at your death. Although a will warrants probate, you can choose the executor of your estate and include the terms of your trust. Trusts provide maximum control over the distribution of your assets. Another benefit is the ability to request specific actions to be taken should you become incapacitated. Though trusts can become complex, we can work with you and your attorney to create a plan that meets your estate planning criteria- such as reducing estate taxes and ensuring proper allocation of your assets.

Another way to distribute your estate is through jointly held property — specifically, joint tenancy with rights of survivorship. Qualified joint tenancy, between spouses, has certain income and estate tax advantages over joint tenancy involving non-spouses. In either case, how you hold the title to your property can substantially impact your income and estate taxes. We can help you understand how your real estate, investments, savings account, and insurance policies can be designated and which options will be most beneficial.

Gifting strategies and charitable trusts are options that provide various advantages for both you and your designated recipient. Your life insurance policy can act as a gift to your heirs in the form of college funding. In addition to providing cash to your heirs in the event of your death, this death benefit gives universal life insurance policies their tax-free status. You can also elect your desired charity as the beneficiary of your life insurance policy or make an outright donation. With several comprehensive strategies, we will align your priorities with a gifting strategy that benefits both you and your heirs.

Preparing for the future can be uncomfortable, but failing to make adequate preparations will negatively impact heirs and could damage your legacy. We can ease this process and establish a clear plan for the distribution of your assets. Though it is crucial to have a current will in place, a will won’t settle all estate conservation matters. We will meet with you to review your beneficiary designations on a regular basis to ensure there is no debate over who will inherit your retirement assets and receive your life insurance benefits. The future of your estate and your heirs begins with a phone call.