Estate Planning

We spend a lot of time planning ways to spend our money—vacations, cars, homes—but not everyone is taking the necessary steps to protect the wealth they earn in the long term. Estate planning is an essential part of your wealth management strategy, and in the absence of proper planning, all the wealth you build over your life could get tangled up in costly legal battles and court cases when you’re gone. Protecting your assets and helping ensure that they are passed along to your heirs in the way you intended requires strong and ongoing estate planning.

Protect Your Estate Beneficiaries

When someone passes away without an estate plan, the distribution of their assets may be determined by the courts. You and your heirs will have little or no control over the process, which is dictated by state and federal laws. Even those who would not consider themselves to be “high net worth” should have an estate plan to help your family members and other beneficiaries equitably distribute things like stock portfolios, cash, vacation homes, and real estate.

Individuals with young children still at home also need the protection that an estate plan provides, and can help ensure that your children are cared for in the way that you want in the event you unexpectedly pass away.

Avoid High Inheritance Tax Bills

An estate plan can also protect your heirs from receiving surprise tax bills for inherited assets. Transferring your assets to heirs through the available legal channels prevents them from large state and federal tax liabilities and the enforcement of the Internal Revenue Service (IRS) and state tax commission. That doesn’t take into account the potential legal costs that your beneficiaries will incur while trying to sort out your estate through the courts. Personal financial planning can help mitigate the risk of these negative consequences when you are gone.

Prevent Emotional Legal Battles

You have worked hard throughout your life to provide for your family and the people you care about. An estate plan helps protect those people from messy and emotionally-charged legal battles because it clearly specifies your wishes for how money and assets should be distributed when you are gone. It also helps you plan for the needs of family members who might require extra help—for example, setting up a trust fund to pay medical bills or hire caregivers for a special needs child throughout their life.

Customize a Plan for Your Unique Needs

Not all estates are alike, so a cookie-cutter approach to estate planning may not work to protect your heirs and your wealth. Our experienced Certified Financial Planner practitioners can help you customize the estate plan that makes sense based on your unique situation. We’re here to help you get the most out of your financial plan so you can retire successfully and leave a legacy to the people and causes you care about most.

Contact Resources Planning Group to schedule a no-obligation consultation and learn more about your estate planning options.

Request a copy of our article, “The Ten Things You Must Do Now to Secure a Brighter Financial Future”