Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning in order to make certain all of your assets are transferred seamlessly to your heirs upon your death. A successful estate plan also includes provisions to make sure your family members can access or control your assets should you become disabled.
Estate Planning Myths:
"Estate Plans are only for wealthy people." Many advisors concentrate on the tax side of the Estate Planning. It’s also about making sure that your finances are taken care of if you’re incapacitated, that decisions about your health care are carried out the way you’d like even if you’re not able to make them, and that your children and other heirs are taken care of when that time eventually comes.
"If I have a will, there's no need to be concerned about probate." While a will provides the court with guidance on your wishes, it doesn’t actually avoid the process altogether. Since a will is public information, it can be easily contested in court, adding more time and cost. In addition, if you have real estate in more than one state, each property may have to go through probate in its respective state.
"Trusts avoid Estate Taxes." Most trusts do not help you avoid taxes in and of themselves. There are several other steps that must be taken to have a secure estate plan.
What a CESTM can do for you
A Certified Estate and Trust Specialist™ (CES™) is an educated, experienced and qualified professional committed to the well being of you, your family and your business. The CES™ can provide basic and advanced guidance on a wide range of estate, postmortem and tax planning issues. With the help and knowledge of a CES™, you can:
Create an Estate Plan
Your heirs receive what they should at the right time
Advantages and disadvantages of wills and trusts
Asset titling options
Disinheritance options
Liquidity planning
After-death planning procedures and considerations
Maintain separate property
Safeguard assets if there are marital changes
Protect children from a previous marriage
Ensure income & retain principal with special trusts
Establish powers of attorney for possible future use
Design quality and lasting health care directives
The pros and cons of gifting
Conservation and growth of assets
Provide solutions for retirement income
Ensure a smooth transition between generations
Debt minimization
The probate process and how to avoid it
Estate settlement
Fulfill special state requirements
Please contact Legacy Insurance Advisors today and let an expert help you leave a legacy of responsibility to your loved ones.