Estate Planning

Just owning a house is one thing, but how can you make that house work for you? Your estate is more than just your house – it includes all of your tangible and intangible assets. Real property, vehicles, pieces of artwork, your banks accounts, and valuable items are only a few pieces of the puzzle. Planning out your estate is a complex, oftentimes arduous task. Let us help you with a few simple steps.

There are many factors to take into consideration when you begin to lay out estate plans. When most people think of an estate, the first thing that usually comes to mind is a will. A will allows you to specify your precise wishes in regards to how you want your property distributed in case something of death or incapacitation. This is something that should be updated from time to time, as certain milestones are met – setting a conservator for your children’s care may not be necessary after a certain age, for example. Another financial instrument that you may be thinking of creating is a trust, which holds assets for the benefit of one or more people, entities, or organizations, such as your children, your spouse, your pets, or a charity. A trust is set up with the assistance of an attorney, as it is a legally binding document.

Something you might also take into consideration is life insurance. Often, it is a topic that most people don’t discuss until it is too late. A life insurance policy is designed to protect your designated beneficiary in the event of something tragic happening to you, and it can be a crucial element of any estate plan. Another element of an estate are gifts, which are transfers of property that are made during your lifetime, either to a family member, a friend, or to a charity. Some of these topics may be uncomfortable, but having your desires laid out can help to prevent future hardships.

Additionally, during your lifetime, choices can be made that offer you benefits with your taxes, such as write-offs. Your estate is a central part of your life, and the life that will go on after yours. Planning ahead benefits your family and those closest to you while also helping to ensure that your wishes are met.

As Investment Advisory Representatives, it is our duty to help make the best choices that benefit you, our client. We understand the difficulty of such a topic, and are here to assist you. When planning your estate, we will help you determine the average of your current income, and likely future income, annual expenses, current assets and debts, and the tax implications of such. These details allow us to set out a plan that meets your needs and your wants.

Contact us, and we can begin the process of preparing for your future.