Estate Planning Strategies
We Focus on What Matters to You
Estate planning can be a difficult subject. Naturally it can be an uncomfortable discussion. However, in our experience, our clients who have a thoughtful estate plan usually have less financial confusion after losing a loved one.
If you wish to leave behind a meaningful legacy, be it for loved ones or a charitable institution, you need to put a well-thought-out estate plan in place. Without an established plan, the fate of your estate could be determined by the government, lawyers, or people that don’t have your interests and best wishes in mind. Avoiding costly estate taxes as well as enacting strategies to avoid probate provides a smooth transition after death. We are pleased to work with your attorney, or we can assist you in providing attorney referrals, if needed.
We Can Educate You Through the Process
- Learning about wills: We can help you understand how to structure your will so your legal team can create a document that reflects how you want your estate disposed of and distributed. From a simple will to a testamentary will, or joint wills and living wills – our team can help you navigate the complexities of this document, so you won’t need to stress over specifics.
- Creating Powers of Attorney (POA): Whether it’s to manage specific assets, such as investments, accounts, and real estate holdings, or to help others make health care decisions if you are ill or incapacitated, you need a POA in place to ensure your wishes are followed. A well-crafted POA will also smoothen how decisions about your final arrangements, and those related to your estate, are taken care of once you pass.
- Choosing executors: The executors of your estate wield strong powers that determine how your estate is handled upon your passing. We’ll help you understand the importance of choosing an executor(s) for your estate, and what criteria you should consider when appointing someone to discharge this all-important role – especially if minor children/guardians are involved.
- Designating beneficiaries: If you don’t choose beneficiaries for your assets carefully, your estate assets might end up in the hands of individuals that you never intended should benefit from them. A well-thought-out estate plan ensures the needs of your dependents are taken care of.
- Minimizing estate taxes and probate fees: Taxes, fees, and other levies have the potential to erode a large part of your estate before your beneficiaries see a cent. Careful planning can reduce the impact taxes and fees may have.
- Estate protection: Even after you pass, many of your assets – such as long-term investments and property – will likely need protection and management until they are disposed of and their proceeds are distributed to your beneficiaries. In the absence of an estate plan, your assets may not receive the type and level of protection those assets require.
- Distribute your legacy: Our Equity Wealth Solutions professionals can support you in synchronizing your estate plans and your will, so your assets are distributed in line with your final wishes. We work with your executors, attorney and beneficiaries to help them through the maze of financial decisions that they will encounter.
Please consult with your personal legal and tax advisors regarding your estate plan. Equitable Advisors, its financial professionals and Equity Wealth Solutions does not provide tax or legal services or advice.
