Estate Planning / Asset Protection

Estate Planning – Not “Death” Planning

– It’s Asset Protection Planning.

– It’s Succession Planning.

– It’s Tax Planning –

It’s Life Planning – YOUR life planning.

You are correct to be concerned about what happens with your estate after your passing and how it will affect your heirs and lessening the burden of the process. HOWEVER, before that happens, those same assets are yours to live with, efficiently and without burden. While it is important to us what happens after you pass, it is critical that attention be paid to what happens while you are here!

Are your assets exposed?  Should they be protected?  Will they be protected for your heirs?  To whom your assets pass is your decision:  in addition to children, many people consider direct to grandchildren plans for tax and protective purposes; charities; distributions adjusted for lifetime gifts; unequal distributions, or provide for someone’s special or extraordinary needs.  Your life plan if you and/or spouse become disabled, healthcare and financial decisions, while you are alive.  These questions apply to everybody, old, young, single, married – You!

“Death and Taxes.”  We can plan to minimize taxes (sorry, can’t do much about the other).  It can be costly and foolish to fail to consider tax consequences and your planning.

“I already have a will……”  Your estate plan should be reviewed by an estate planning attorney (not just a lawyer who did your will) regularly.

Changes that require a review of your planning:

• Changes in the law – the estate and gift tax laws will likely continue to adjust and change with changes in the government administration and focus.
• Changes in your life – births, deaths, marriage, and divorces, moves; job/career changes often require or invite review of your planning.
• Changes in your wishes/needs – your beneficiary’s needs may affect your wishes, your long term care plan may have changed, and you can always change your mind!

Once your plan is created it doesn’t need to be “set in stone”, it can and likely should be reviewed and modified with the events of your life.