Estate planning creates a master plan for the management of your property during life and the distribution of that property at death.
For most people, estate planning will:
Give you more control over your assets during your life
Provide care when you are disabled
Allow for the transfer of wealth to whom you want, when you want, at the lowest possible cost
Common estate planning issues addressed in the wealth management process include:
The transfer of wealth
The minimization of transfer taxes
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.
A major goal of estate planning is to minimize potential taxes without interfering with your other financial goals. You can help protect the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.
An asset protection plan first identifies potential exposure and then identifies preventive tools and strategies to reduce exposure. Asset protection 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. Congress encourages charitable giving through tax legislation that can minimize your income and estate taxes. 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.
Financial Security Planning Services, Inc., is not a law firm and does not provide legal advice but will work with your legal team to develop a plan that is right for you.