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Is your estate in order? Let our financial professionals help you assess your overall strategy.
You’ve worked hard to establish a legacy you can be proud of, one that your family can continue to build upon for years to come. And as you know, a comprehensive estate plan is an important consideration of your financial future. Estate planning can sometimes seem overwhelming however, with attorneys, wills, trusts, and other complicated legal hurdles, but it doesn’t necessarily have to be.
Typically, those leaving an inheritance want to make sure their heirs use the funds responsibly and that takes some advanced planning. But it’s possible to manage leaving money to your loved ones without a bunch of fuss. Now, it’s important to remember: some estates have specific situations that are simply best handled by an attorney. But at Legacy Planning Group, we offer financial products that come with a built-in mechanism to manage specific conditions or restrictions for inherited funds. If it makes sense for you and your family, it could help save you time and money on creating formal estate documents with an attorney.
If you have estate planning questions, let’s connect soon.
A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children.
Healthcare documents spell out your wishes for health care if you become unable to make medical decisions for yourself. They also authorize a person to make decisions on your behalf if that should prove necessary. These documents may include a living will, a power of attorney agreement, and a durable power of attorney agreement for healthcare.
Certain financial documents can outline your financial wishes. If you become unable to make decisions for yourself, these financial documents can be structured to empower a person to make decisions on your behalf. These documents may include joint ownership, durable power of attorney, and living trusts.
An important piece of estate planning includes beneficiaries and the perfect time to review this is during an annual review. Are the people you wanted to benefit from your hard work your entire life this year the same as they were last year? Life can change quite a bit over time, so it’s important that you’ve recorded somewhere who gets what in case something happens to you…you haven’t amassed that nest egg for nothing!
When was the last time you assessed your life insurance coverage? Have you compared the life insurance benefit with your financial obligations?
If you and your spouse have more than $22.8 million in assets (for 2019), you may want to consider taking steps to manage federal estate taxes, which will be due at the second spouse’s death.
Do you have a succession plan? If you own a business with others, you may also want to consider a buyout agreement.
Your heirs may need access to the specific documents you have created to manage your estate. These documents may include:
Yours, Mine and Ours
Estate strategies for second marriages
Second marriages are a trigger event to revisit any existing estate strategies.
If you are one of the many Americans who are in a second marriage, you may need to revisit your estate strategy. Unlike a typical first marriage, second marriages often require special consideration that should address children from a prior marriage and the disposition of assets accumulated prior to the second marriage. Ensure that you beneficiaries get the most from your legacy by updating your estate strategy.
Check Your IRA Beneficiaries
Your assets and your future
An important piece of estate planning includes beneficiaries and the perfect time to review this is during an annual review.
Are the people you wanted to benefit from your hard work your entire life this year the same as they were last year? Life can change quite a bit over time, so it’s important that you’ve recorded somewhere who gets what in case something happens to you…you haven’t amassed that nest egg for nothing!
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.