Integrated Planning For Your Estate and Wealth Protection
Estate planning is about reducing or eliminating the uncertainties over the administration and distribution of your estate, or maximizing the value that gets passed on to your heirs. It is not only for the wealthy - everyone should have a well thought out estate plan. When structured properly, this plan can reduce taxes and expenses to your estate and simplify and expedite the transition of your wealth to your beneficiaries.
Why should I have an estate plan?
In crafting an estate plan, there are 2 simple questions we're looking to address:
- If something happens to me today, would my family be okay
- Is there anything I can do today to make things easier for my family when I pass away
The key rationale for creating an estate plan is for you to articulate how you would like your assets distributed and/or protected after you've passed away. In creating an estate plan, some of the things we look at include:
- In the event of death of one spouse, is there sufficient capital to provide for the survivor
- Protecting your assets from subsequent marriages of a surviving spouse
- Protecting your assets from your children's' marriage breakdown
- Protecting young children from inheriting large amounts at young ages
What is the first step to creating an estate plan?
The financial plan helps us identify the critical issues that should be addressed immediately, and provides some insight into the things you should consider in crafting your estate plan.
Our role in this process is to help you identify where the potential gaps are in your estate plan, what can be done to address them, where the potential opportunities are, and how to maximize on their value.
Some common gaps:
- Lack of a will
- Lack of financial and/or medical powers of attorney
- Insufficient life insurance
- No business succession plan
- Appropriate clauses in wills and PoAs
Some common opportunities:
- Use of trusts
- Planned giving during your lifetime
- Estate tax minimization strategies
- Estate enhancement strategies
