Estate Planning

estate-planning

What happens to all of the wealth you have accumulated after you pass away? That is Estate Planning—making a plan ahead of time to decide who will benefit from all you accumulated during your life. This concept has recently been highlighted by the passing of a music icon. Ms. Aretha Franklin passed away without having a will or a trust in place, meaning her estate and its beneficiaries will be decided through the public probate process. This can be lengthy and costly to an estate.

With all of the different aspects of Estate Planning, it is important to understand that these tools are important for everyone, not just the retired or the wealthy. Death is a difficult topic for many people which makes Estate Planning all the more important to address. Many people don't plan because they have a false sense of security that nothing will happen to them, they believe they have plenty of time, or they believe that their loved ones clearly know their desires. Often times, people pass away with no plan in place and their families are left to navigate difficult decisions and sometimes probate through the state.

Good estate planning includes much more than who receives your wealth, however.It should include, not only passing on your valuables, but also passing on your values—meaning how you wish to take care of minor children, family members with special needs, life insurance to care for your family should something happen to you, incapacity and medical wishes for yourself, business transfers, and cost reduction strategies for your survivors. Estate Planning is an ongoing process that should be reviewed and updated as needed on a continual basis.

Estate Planning doesn't have to be expensive and can be as simple as organizing your records, titles, insurance policies and being certain your beneficiaries are designated properly. The greatest benefit of planning ahead is knowing that your family will be protected and your wishes will be fulfilled when you are no longer here. For Ms. Franklin, we hope that her estate will resolve quickly and with little heartache and cost to her family.

As always, we are here to help. Contact us today to set up an appointment and we can help you create your own comprehensive estate plan that will meet your goals and fulfill the needs of your loved ones. 

Designating Beneficiaries & Owning an Inherited Re...
DNR – A Life Choice
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, 09 April 2020

State officials have issued a shelter-in-place order for residents amid novel coronavirus concerns. As such, we will be suspending services at our physical office. However, we are available to you via web meeting (zoom), email and telephone (Phone lines have been forwarded to our personal cell phones) during regular business hours. We will be able to fully service all your investment needs with no interruption.

We request that any contribution checks be mailed directly to TD Ameritrade (address listed below). Please be sure to notate your account number on the check.

TD Ameritrade
PO BOX 650567
Dallas, TX 75265-0567

Rest assured that we will continue to monitor your investments and market conditions on an ongoing basis with no interruption. Should you have any questions or concerns please feel free to contact us.

We will navigate this crisis as best we can, coming together and making shared sacrifices. We hope that we can help to slow down the effect of this virus together and solve this swiftly. We also wish everyone well and would like to extend our gratitude for your patience during these trying times. Continue to watch for updates from us.