Building an Enduring Plan for a Lasting Legacy
Think of it this way: if you don’t plan for your estate, it will inevitably be done for you. Most often the state will intervene, which can take a toll in taxes, time and additional emotional stress for loved ones. That is why it is important to develop your own estate plan.
An estate plan can encompass many things, but for most people it primarily encompasses a few key things: incapacity planning, asset transfer and estate tax planning, and legacy planning. Estate plans can be very complicated, or they can be incredibly simple. We have dealt with a broad array of different estate situations, complex and simple, and can work closely with your attorney and accountant to help create and implement a plan that works for your wishes and needs.
The key to an effective estate plan is making sure the documents drafted by your attorney actually work – through proper asset titling and updated beneficiary designations. Despite fully executed documents, your estate plan may be rendered useless if the necessary follow-up actions are not completed. We work with you to help ensure the details are addressed to fully enact your plan. To keep your plan relevant, we will also recommend that your estate plan be reviewed if laws or your family situation changes.
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Planning for incapacity entails carefully identifying the person or people who can step in to handle your affairs if you are unable to do so for yourself. This can include creating a durable power of attorney, establishing a trust and nominating a successor trustee, and nominating a healthcare agent.
Not having these authorizations in place can make it very difficult for family members to manage affairs during an already stressful time should an incapacity event occur. We work with you and your attorney to get these documents in place before a crisis happens. -
There are various instruments that work within your overall estate plan to provide certainty and control over the transfer and use of your assets, including wills, beneficiary designations, trusts and insurance policies. Using instruments such as these can give you the confidence of knowing that your estate will be handled as you wish and can potentially avoid probate.
We can help you to identify which instruments could be considered based on your specific situation and wishes, and work with you and your other professional advisors to ensure your wishes are documented in writing and legally binding. Moving forward, we will revisit your plan regularly to ensure it is up to date and remains effective as laws change.
You may be concerned about the impact of estate taxes on your beneficiaries, and improper planning for federal and state estate taxes can take a significant bite out of your estate. Fortunately, the limits for federal and most state estate taxes have increased dramatically in the past decade, reducing the number of estates subject to tax and the need for complex tax planning for most clients. Our role is to help you keep an eye on the changing estate tax landscape, and helping to update your estate plan accordingly should the need arise. -
Making charitable giving part of your financial and estate plan enables you to support the charities and causes you love, now and in the future. Moreover, having the right charitable giving strategy can help further your overall wealth management plan. There are many ways to make charitable giving part of your overall financial plan, each with its own level of control and tax benefits. In any case, our goal is to help ensure tax-efficient giving so that your estate or charity of choice receives the most benefit from your gift.
Our knowledgeable team can provide recommendations that not only benefit you now, but provide the opportunity to shape the way you wish to be remembered.
