Protect Your Beneficiaries

The most important part of our lives are our loved ones. After establishing yourself professionally, it is essential to think through what type of legacy you would like to leave behind as well as a safety strategy to help protect your family financially. Having an estate plan that protects your beneficiaries will be vital in supporting your legacy and their financial well-being. Having an estate plan can help your assets be appropriately allocated based on your preferences while designating heirs for your assets from property to stocks. Without an estate plan, expensive fees can accrue as the courts decide how to allocate your assets. Also, the surviving spouse does not always get everything.

Ensure Titles are in Place

Titling assets jointly with rights of survivorship will pass the assets outside of probate to the joint owner, but unless the joint owner is a spouse, joint titling may be exposing the assets to risk. Titles have specific legal meanings and typically take precedence over wills and trusts. Ensure you have selected the right titles. Retirement accounts, insurance policies, and annuities should have beneficiaries listed. Non-retirement accounts could be addressed in your will.

Help Your Loved Ones Avoid Tax Issues

Leaving assets and wealth behind for your loved ones could place them in an unfavorable tax situation. By working with a trusted professional on an effective estate plan, you can consider options such as an Irrevocable Trust.

An Irrevocable Trust that has been designed so that any assets or funds that are put into the trust are not taxable to the grantor for a gift, estate, generation-skipping transfer tax, or trust purposes. However, the grantor of the trust must pay the income tax on revenue generated by the assets in the trust.

Help Prevent Family Stress

By having an estate plan in place, it can reduce the messiness associated with wealth distribution after you pass. Prevent the “money war” by allocating the funds as you see fit ahead of any unexpected

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