Estate and Legacy Planning
While estate planning may sound like something only retirees or those approaching retirement should do, the truth is anyone at age may need help with a legacy planning strategy.
Estate planning may sound as simple as creating or revising a will that passes your wealth onto your heirs according to your wishes. But the process may also involve:
- Make funeral and burial arrangements ahead of time so your children won’t be burdened with this responsibility
- Designating primary and contingent beneficiaries to your 401(k) plan and IRA accounts
- Protecting valuable investment assets and property from creditors and civil lawsuits
- Determining if you should remove assets from your estate by transferring them into a trust
- Setting up a tax-efficient charitable giving plan that allows you to support your favorite causes today and after you’ve passed on
The complexity and importance of estate planning leads many individuals and families to partner with fiduciary financial advisors with estate and legacy planning expertise. After all, you can’t correct a homemade estate plan after you’re gone.
Key estate and legacy planning questions a financial advisor can answer
- What should I do now to ensure my assets are passed on to my heirs according to my wishes?
- What provisions should I include in it?
- How can I protect my home and other assets from creditors and lawsuits?
- How can I shield as much of my estate as possible from probate and estate taxes?
- Does it make sense for me to transfer assets into a trust?
- Should I choose a revocable or irrevocable trust? What’s the difference?
- How can I ensure my children will receive payments from my trust only when they reach certain milestones, such as a specific age?
- Is my ex-spouse entitled to inherit my IRAs? If so, can I legally remove them as a beneficiary?
- How do I find a qualified estate planning attorney?
Estate Planning Challenges
How a fiduciary financial advisor in the Wealthramp network can address your estate planning challenges
Serving as your financial advocate, your financial advisor in the Wealthramp network works directly for you. Collaborating with your attorney (or one they can help you find), your financial advisor can help you and your children:
Don’t leave your estate to chance
The biggest estate planning mistakes
Failing to create a will before you pass on, or creating one and not keeping a copy with your attorney
Not making your wishes clear enough in your will, resulting in conflict and potential legal challenges among your heirs
Not knowing which of the assets in your estate may be subject to probate and failing to remove them
Neglecting the state-level estate taxes that kick in at estate value levels much lower than federal estate taxes
Not adding or reviewing beneficiaries on your life insurance policies and retirement accounts to make sure you still want them to inherit those assets
Not retitling your home and other valuable assets in the name of a trust you want to transfer them into
Neglecting to write a succession plan for your business