Estate Planning

If you are at or near retirement, then you probably have thought somewhat about your estate plan. But what about different types of trusts, or other estate planning strategies for that matter, that you might use as part of your plan?

It’s natural to aim for as efficient and tax-advantaged of a wealth transfer to your loved ones as is possible. Of course, you may already have a will and even some powers of attorney. However, there is still the probate process to contend with, and some type of trust is one way to help your assets avoid this.

A trust can allow your assets to be passed directly to your heirs without going through the publicity and expense of probate. It can accomplish many other legal purposes as well. Note that this doesn’t mean that a trust necessarily is the best option for your situation.

You will want to review different estate planning options and types of trust with experienced estate planning counsel and other experts in this area. They can help guide you on the legal implications of various options available, each one’s pros and cons, and what might make sense for your situation and goals.

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When thinking about retirement, it’s common to ponder about how we will want to leave something for loved ones once we are no longer here. Of course, there are many aspects to this issue: lowering taxes for heirs to pay, protecting assets from legal risk, keeping family conflict to a nil, and more.

In estate planning, this is known as planning for a wealth transfer. If you haven’t heard of it before, wealth transfer simply refers to the process of passing wealth from someone who has died over to their beneficiaries.

Effective wealth transfer can be done through a variety of strategies, including annuity contracts or life insurance policies, wills, trusts, and gifts of cash or tangible assets prior to death. The typical goals for wealth transfer strategies are to maximize the estate assets that are left behind as a legacy to heirs and to make the transfer as tax-efficient as possible.

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At some point or another, you may have heard of the “Great Wealth Transfer.” The baby boomer generation will be leaving trillions of dollars to their heirs over the next 30 years.

IRAs, qualified employer retirement plans, taxable investment accounts, annuities, and life insurance will be among the numerous assets that provide a legacy for generations to come.

Depending on the situation, some methods of wealth transfer may be more advantageous than others. People who work with advisors specializing in legacy planning strategies can save a great deal of time, confusion, and money in figuring out what makes sense for their goals.

Strategic guidance from their financial professional, in conjunction with high-quality estate planning legal counsel, can help ensure the smooth transition of their wealth to their heirs. Read More