Estate & Legacy Planning

Some of the areas to be considered when creating an estate and legacy plan are listed below. Each situation is unique and we work with each client to ensure their plan is comprehensive, tax-efficient, and aligned with their wishes.

1. Asset Inventory and Valuation

• Identification of Assets: Real estate, investments, retirement accounts, business interests, life insurance, personal property.
• Valuation of Assets: Current market value assessments for accurate estate planning.

2. Beneficiary Designations

• Review and Update: Ensure all beneficiary designations on accounts, policies, and retirement plans are current and reflect the client’s wishes.
• Contingent Beneficiaries: Establish secondary beneficiaries in case the primary beneficiaries predecease the client.

3. Will and Testament

• Drafting a Will: Ensure it is legally sound and reflects the client’s wishes for asset distribution.
• Executor Appointment: Choose a reliable and capable executor to manage the estate according to the will.

4. Trusts

• Revocable vs. Irrevocable Trusts: Decide the type of trust needed based on asset protection, tax planning, and control.
• Specialized Trusts:  Consider charitable trusts, special needs trusts, or life insurance trusts.

5. Tax Planning

• Estate and Gift Taxes: Plan for federal and state estate taxes, gift taxes, and generation-skipping transfer taxes.
• Income Tax Considerations: Address the income tax implications for the estate and beneficiaries.

6. Business Succession Planning

• Ownership Transfer: Establish plans for transferring business interests smoothly.
• Valuation and Sale: Determine a fair market value and structure for selling or passing on the business.

7.  Healthcare and Financial Powers of Attorney

• Healthcare Power of Attorney: Appoint someone to make medical decisions if the client is incapacitated.
• Financial Power of Attorney: Assign someone to manage financial affairs in the event of incapacity.

8. Living Will/Advance Healthcare Directive

• End-of-Life Decisions: Clarify wishes regarding life-sustaining treatments and other healthcare decisions.

9. Charitable Giving

• Philanthropic Goals: Integrate charitable donations or establish foundations as part of the legacy plan.
• Tax Benefits: Explore tax advantages related to charitable giving.

10. Family Dynamics and Communication

• Heirloom and Sentimental Items: Address the distribution of items with sentimental value.
• Family Meetings: Facilitate discussions to ensure transparency and reduce future disputes.

11.  Digital Assets

• Access and Management: Plan for the transfer and management of digital assets such as online accounts, social media, and cryptocurrencies.

12. Creditor Protection

• Shielding Assets: Implement strategies to protect assets from potential creditors and legal claims.

13. nsurance Planning

• Life Insurance: Evaluate life insurance needs for covering estate taxes, providing liquidity, or supporting dependents.
• Long-Term Care Insurance: Consider insurance options for covering potential long-term healthcare costs.

14. Regular Review and Updates

• Periodic Reviews: Schedule regular reviews to adjust the plan based on changes in laws, finances, or personal circumstances.
• Life Events: Update the plan after significant life events, such as marriage, divorce, birth of a child, or death of a beneficiary.

This list ensures that both the legal and financial aspects of estate and legacy planning are thoroughly addressed, providing a well-rounded and secure plan for the client’s future and legacy.