Estate Planning

We all work hard to provide for our family's future. During my childhood, my karate instructor always asked, "Does your parents want you to be better or worse off then them?" Of course, we want our children to be smarter and better than us. We provide, care, and support them as they grow and enter the world. But our love and support doesn't stop there, we continue to support our children until the end. 

What is Estate planning

So what happens after our passing? Estate planning is a way to manage your assets after death. Estate planning allows an individual to control the distribution of their assets to help relieve the burden on the family. More importantly, estate planning is no just for the wealthy or famous. It is for anyone that wants to pass on things they cannot take with them. Planning controls the distribution of your assets in accordance with your wishes. 

Estates encompass bank accounts, real estate, property, furniture, life insurance and investments, etc. Regardless the size of your estate, everyone has an estate. Since you cannot take it with you, what happens to your estate after you die?

Estate Planning guide

Estate planning dictates how an individual's assets will be managed, distributed, and treated at the time of death. Some planning tasks include establishing a will or trust, donate to charities (reduce estate tax), name an executor, and  funeral arrangements.

• Identify assets

Assets include: real estate; vehicles; bank accounts; investments; life insurance; 401k; art; collections; debt; and anything the individual wants to pass along.

Identify and list all liabilities (debts): mortgage, line of credit, and personal loans will keep your executor informed and leave little surprises.

• Establish a plan

1. You can reduce your estate taxes by establishing trusts in the names of your beneficiaries.
2. Name legal guardian(s) for any dependents.
3. Create a will, life moves quickly, people move-names change, so it is important to keep your will up-to-date.
4. Sign and notarize your documents - unsigned wills and other documents are not official.
5. Assign a Payable on Death (POD) to all bank accounts - this will automatically transfer all monetaries to your beneficiary. 
6. Create a list of your important documents and where they are located:     
   • Power of attorney (medical, durable, etc.)
   • Medical intentions (DNR, organ donor, etc.)
   • Will and Trusts
   • Life insurance
   • Mortgages titles and deeds

• Build your team

1. Appoint an Executor. This individual will care out your wishes as you instruct through your will. This person can be a friend or family member, and will handle the probate process, collect and distribute assets according to your wishes, and pay off debts.
2. A Financial Advisor can manage your assets during your lifetime and help create a retirement plan.
3. A Tax Professional can help ensure your estate is within federal, state, and local tax compliances and accounting requirements.

Together your team will address any issues that arise while managing your estate.