SERVICES
ESTATE PLANNING
Organizing Your Financial Affairs
The first step in the estate preservation process is organizing your financial affairs. Legacy Planning Services, LLC has developed a proprietary data sheet called the Legacy Asset List. The Legacy Asset List was developed to help our clients while living (and heirs after their passing) to keep an accurate accounting of all financial assets. The Legacy Asset List has proven especially invaluable to loved ones when the time comes to settling their departed family member’s estate.
Essential Estate Documents
When we talk about estate preservation concepts a lot of people believe they don’t have the level of wealth that requires such preparation. We at Legacy Planning Services, LLC believe regardless of your level of wealth, there are several vital estate documents you need to have that, while living or deceased, name the individual(s) you’d want to step in to make critical financial and/or health care decisions in the event you are unable to do so for yourself. These important estate documents may include:
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Last Will and Testament and/or Trust
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Financial Power of Attorney
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Health Care Power of Attorney/Living Will
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Unless you spell out your wishes, the legacy you worked so hard to establish and protect, may not benefit your loved ones and/or your favorite charities. A well-structured estate planning strategy should mirror your unique vision and values. A well-designed strategy balances the interests of friends, relatives and the causes you care about most. Taking a proactive approach now will substantially reduce the complexity, time and stressful process of settling your estate.
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If you haven’t yet secured these vital documents or your existing estate documents haven’t been updated within the past five years, we highly recommend you contact your elder law attorney.
Beneficiary Review and Updates
Establishing and updating beneficiary designations on individual IRA’s, life insurance and annuities, as well as company sponsored pension plans, i.e. 401(k), 403(b) is another area of the estate preservation process that often gets overlooked. Reviewing beneficiary designations regularly ensures the heirs or charities of your choice will receive what you worked a lifetime to accumulate. Failing to designate beneficiaries on your retirement, life insurance and annuity contract may trigger immediate tax consequences that could significantly reduce the value of your estate.
Taxation of Your Estate
Another aspect of the estate preservation process that is often overlooked is how one’s estate is taxed when you pass away. Many individuals are unaware of a few basic concepts that if implemented prior to their passing, could significantly reduce the amount of tax levied upon their legacy. Applying these concepts could preserve thousands of dollars going to your loved ones or favorite charities.
Act on Your Vision Now!
We see establishing a well thought out and structured estate plan as a critical component of our client’s overall wealth planning strategy. Focusing on our client’s objectives enables us to effectively guide them through the planning process. At Legacy Planning Services, LLC, we care about your individual goals and overall financial success.
Give us a call or Click Here to get started in preserving Your Financial Legacy!
Please note that Legacy Planning Services, LLC and our representatives do not give legal or tax advice, nor do we provide legal or tax services. You are encouraged to consult your tax advisor or attorney.