Estate Planning

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Estate Planning

Your estate is comprised of everything you own— your home, car, checking and savings accounts, 401ks, pensions, retirement accounts, investments, life insurance, furniture, copyrights, intellectual property, personal possessions and the list goes on.

So, what happens to all of it should you become disabled or when you die? It is only natural you would want to have a say in the matter – and you should. For 99% of us, it is NOT about estate tax. For 100% it is about taking control.

Estate planning is an important step toward ensuring that your wishes are carried out by providing instructions for the WHO, WHAT, WHERE, WHY and HOW’s of running your affairs.

Comprehensive estate planning entails consideration of :

  • Who is best suited to make decisions for you when you cannot make them yourself or when you are deceased
  • Who gets what  you want them to have, in the way you want them to receive it, when you want them to receive it.
  • Strategies to minimize taxes, court costs, and unnecessary legal fees
  • Preventing probate by thorough retitling of assets to a trust or beneficiary designations
  • Disability income insurance to replace your income if you cannot work due to illness or injury
  • Life insurance to provide for your family at your death or pay for taxes
  • Transfer of your business at your retirement, disability, or death
  • Your choice for guardian and conservator to handle healthcare and financial matters for minor children.
  • Continuity of governmental benefits  for family members with special needs
  • Options to protect loved ones from creditors, a divorcing spouse, bankruptcy and, sometimes, from themselves.
  • Long-term care insurance to help pay for your care in case of an extended illness or injury

Estate planning is an ongoing process, one that should be reviewed and updated as your family and financial situations change. Having a properly prepared plan in place will protect your family by ensuring your wishes are carried out and give you and your loved ones peace of mind.

This year, October 16-22 is Estate Planning Week.  Have you planned?