A carefully prepared estate plan will allow you to achieve many goals.
- Ensure the financial security of your spouse.
- Determine what should be left to your children and how their inheritance should be handled if they are young.
- Successfully transition a family business.
- Minimize the effects of taxes on your estate.
- Empower a reliable executor and trustee to invest and manage the assets of your estate.
By having a will, which is the basic estate planning tool, you can prevent two costly mistakes: lack of experienced management assistance for your family and the possible loss of thousands of dollars through needless taxation on your estate.
However, effective estate planning often requires more than a will. Life insurance proceeds, for example, usually are not governed by the terms of a will. Neither are benefits payable from retirement plans. Such assets are often a large portion of many estates. Your planning should encompass all the financial resources that can be used to attain your goals.
A sound foundation for your plan
Comprehensive estate planning demands teamwork. Scott can help you and your attorney design a plan to fulfill your objectives. Together we will go through a series of important steps:
- Obtain the necessary personal data about yourself and your family.
- Help prepare a balance sheet of your assets and liabilities.
- Assist with the review of your will and any existing trusts.
- Evaluate your estate tax options.
- Consider the best way to distribute your retirement plan benefits.
- Compute potential estate, gift, and income tax liabilities in order to find the most practical and economic solutions.
- Determine the availability of liquid assets to meet potential estate expenses and taxes.
From this analysis a plan will emerge. It may involve changing your will, suggestions for tax savings through the use of trusts, an adjustment in life insurance coverage, or a program of lifetime giving. We will work closely with you and your other advisers to help develop the best estate plan for you and your family.