Estate and Legacy Planning
"Someone is sitting in the shade today because someone
planted a tree a long time ago."
-- Warren Buffet
Planning what happens to your wealth when you are no longer here to enjoy it is something we tend to put off. It may seem like a herculean task or maybe even a little macabre. However, it is vital to have a plan in place to secure your financial peace of mind, ensure your wishes are fulfilled, and reduce taxes, time, and cost for your beneficiaries.
It Prevents Unintended Beneficiaries
One of the main components of asset planning is designating who will receive your assets, this might be property, possessions or a stock portfolio. Without a proper legacy plan in place, you will not have control over who receives those assets. One of the main parts of estate planning is designating who gets what. Without a clear plan, there may be squabbles and costs surrounding the inheritance of your estate. Without a will, your estate will come under intestacy regulations and how your assets are distributed will be decided by state law.
It Prepares For the Unexpected
Legacy planning helps you to prepare for any unforeseen events. This might be through the creation of an In Case of Emergency (ICE) pack, which your family can turn to if the worst were to happen. This way your loved ones can have access to everything they need and so that your wishes can be carried out in the proper manner. An ICE pack might include your will, insurances, bank accounts and vital contact details.
It Spares Your Beneficiaries Large Tax Burdens
Proper legacy planning enables your beneficiaries to obtain maximum value from any assets or wealth that is passed on. You’ll want to transfer any wealth with the lowest possible tax bill and part of your estate may contain what might be deemed as ‘hidden’ assets, which will make up a taxable part of your estate. This might be annuities, life insurance or some trusts. By planning appropriately you’re able to ascertain the true value of all parts of your estate and minimize the impact of any taxes.
It Eliminates Family Messes
Stopping any arguments before they start is another reason why legacy planning is essential. It’ll enable you to choose who controls your finances and assets should you be unable to do so. It’ll also will you make plans that are personal to each beneficiary of your estate. You might want to make arrangements for a child with health problems or set up a trust for one who might be better off not inheriting a lump sum, it’s all about getting your wishes across accurately and delivering your wealth in the way you see fit.
If you would like to discuss your estate and legacy with no obligation, feel free to schedule time here.
planted a tree a long time ago."
-- Warren Buffet
Planning what happens to your wealth when you are no longer here to enjoy it is something we tend to put off. It may seem like a herculean task or maybe even a little macabre. However, it is vital to have a plan in place to secure your financial peace of mind, ensure your wishes are fulfilled, and reduce taxes, time, and cost for your beneficiaries.
It Prevents Unintended Beneficiaries
One of the main components of asset planning is designating who will receive your assets, this might be property, possessions or a stock portfolio. Without a proper legacy plan in place, you will not have control over who receives those assets. One of the main parts of estate planning is designating who gets what. Without a clear plan, there may be squabbles and costs surrounding the inheritance of your estate. Without a will, your estate will come under intestacy regulations and how your assets are distributed will be decided by state law.
It Prepares For the Unexpected
Legacy planning helps you to prepare for any unforeseen events. This might be through the creation of an In Case of Emergency (ICE) pack, which your family can turn to if the worst were to happen. This way your loved ones can have access to everything they need and so that your wishes can be carried out in the proper manner. An ICE pack might include your will, insurances, bank accounts and vital contact details.
It Spares Your Beneficiaries Large Tax Burdens
Proper legacy planning enables your beneficiaries to obtain maximum value from any assets or wealth that is passed on. You’ll want to transfer any wealth with the lowest possible tax bill and part of your estate may contain what might be deemed as ‘hidden’ assets, which will make up a taxable part of your estate. This might be annuities, life insurance or some trusts. By planning appropriately you’re able to ascertain the true value of all parts of your estate and minimize the impact of any taxes.
It Eliminates Family Messes
Stopping any arguments before they start is another reason why legacy planning is essential. It’ll enable you to choose who controls your finances and assets should you be unable to do so. It’ll also will you make plans that are personal to each beneficiary of your estate. You might want to make arrangements for a child with health problems or set up a trust for one who might be better off not inheriting a lump sum, it’s all about getting your wishes across accurately and delivering your wealth in the way you see fit.
If you would like to discuss your estate and legacy with no obligation, feel free to schedule time here.