Estate Planning

Estate planning can be difficult to think about, let alone plan for. Maybe you’ve avoided putting together a concrete plan because you don’t want to think too far into the future when it’s time to pass on what you have. Or maybe you don’t think an estate plan is necessary because you’re not rich enough to warrant one. The truth is that you will probably leave behind things for your family that are important financially and emotionally. You don’t have to be a billionaire to have an estate plan set up–all the assets and things [...]

Estate planning is a big deal. It’s a way for us to leave what we’ve built over the course of our lives to our loved ones. Gifts of property and belongings can pass on a sense of family, care, and love and can also help your loved ones financially. So, what is the first and most important thing to do when it comes to estate planning? This may seem obvious, but the first thing is to do it. Plan out your estate. Think about who is getting what, and be specific about the details. Sure, [...]

When it comes to passing on your wealth to your family, it is important to know the best ways to manage the process. An estimated 90% of wealthy families lose their wealth by the third generation, so if you are planning on leaving behind assets to your family, knowing the unique risks to the affluent investor and considering strategies to maintain your wealth within your family can be very beneficial.[1] However, wealth transfer is not just for the wealthy; it’s for everyone with something to leave behind for the next generation. Communicate Effectively One of [...]

Planning for after your passing can be difficult. But creating a plan for what happens to your estate is highly important for your family and your legacy. If left unattended, your estate can potentially be caught up in arduous court processes and cause disputes amongst your loved ones – and you don’t want to be remembered for that. Therefore, it’s important to start with the basics when legacy planning. So, let’s talk about trusts and wills. What is a Trust? Essentially, a trust is a legal vehicle that grants a third-party trustee the ability to [...]

It’s easy to avoid making an estate plan, but not having one won’t be easy on your loved ones. Having your affairs in order can greatly help your family, so consider creating a comprehensive estate plan. Unfortunately, there are many easy-to-overlook estate planning mistakes, such as not naming beneficiaries on retirement accounts, not doing so properly, or forgetting to update your estate plan. Not Naming Beneficiaries Many people don’t realize that they need to name a beneficiary for retirement accounts and life insurance policies. They may never get around to filling out the forms or [...]

Did you know that Baby Boomers will pass down an estimated $68 trillion in wealth in the coming decades?[1] You’ve worked hard for your money and likely want to see it passed down in the most efficient way possible for your loved one’s benefit. Unfortunately, costly mistakes are all too easy to make. Understand the basics first, and then create an estate plan. A Will vs. a Trust Wills and trusts are both important estate planning tools with important differences. A will ensures property is distributed after your passing, according to your wishes, while a [...]