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.

Find Your Advisor Matches

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:

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Create a will that clearly spells out how your assets will be distributed among your heirs and favorite charities

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Ensure the beneficiaries on your life insurance policies and retirement accounts are up to date

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Establish a trust in a state that offers strong legal protections and no taxes on income earned by trusts

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Retitle property and other assets you want to transfer into your trust

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Manage the investment assets in your trust to achieve an ideal balance of income generation and long-term growth

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Choose charitable-giving vehicles that balance tax benefits with the flexibility to support your favorite organizations now and after you’ve passed on

Don’t leave your estate to chance

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The biggest estate planning mistakes

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Failing to create a will before you pass on, or creating one and not keeping a copy with your attorney

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Not making your wishes clear enough in your will, resulting in conflict and potential legal challenges among your heirs

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Not knowing which of the assets in your estate may be subject to probate and failing to remove them

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Neglecting the state-level estate taxes that kick in at estate value levels much lower than federal estate taxes

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Not adding or reviewing beneficiaries on your life insurance policies and retirement accounts to make sure you still want them to inherit those assets

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Not retitling your home and other valuable assets in the name of a trust you want to transfer them into

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Neglecting to write a succession plan for your business

Work with an expert to avoid these estate planning mistakes

We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp.

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