Estate Planning

Estate planning creates a plan for the management of your property during life and the distribution of that property at death.

For many people, estate planning will:

• Give you more control over your assets during your life
• Provide care when you are disabled
• Help structure the transfer of wealth according to your wishes, while considering timing, beneficiaries, and associated costs

Common estate planning issues addressed in the wealth management process include:

• Transfer of wealth
• Mitigation of transfer taxes
• Asset preservation
• Charitable giving

Wealth transfer planning involves the smooth transition and distribution of wealth according to your wishes. With proper estate planning, you decide to whom, how, and when your assets will be distributed, as well as who will manage your estate or business. Special issues you may deal with are providing financial support for others, planning for children of a previous marriage, equalizing inheritances fairly, and retiring from your business. Wealth transfer planning also involves the management of assets during disability or incapacity.

A major goal of estate planning is to mitigate potential taxes without interfering with your other financial goals. If you give away wealth, during life or at death, you may incur federal—and possibly state—taxes. You can help safeguard the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to lessen them.

If you own substantial assets, creditor protection can be a concern. Creditors can come in many forms. An asset preservation strategy first identifies potential exposure and then identifies preventive tools and strategies to reduce exposure. Asset preservation planning deals with ownership issues, liability insurance, statutory protections, special needs trusts, offshore and domestic trusts, prenuptial agreements, divorce, and business dissolutions.

Charitable giving is motivated by both personal and tax incentives. Current tax laws provide incentives for charitable giving that may offer income and estate tax benefits, depending on your circumstances. Charitable planning involves selecting the gifted property and charitable structure that will target your needs.

Our process does not end with estate planning but coordinates your estate plan with your overall plans for your business, investments, insurance, and employee benefits.