Estate Planning

Are you in need of professional advice regarding estate planning? In 2008, the Bureau of Labor statistics stated there 176,000 personal financial advisors offering estate planning services within the United States. Estate planning is the process of accumulating and disposing of an estate to maximize the owner’s interests. There are various goals that are set in the plan’s creation which include preparations to ensure that the greatest amount of the estate passes over to the intended beneficiaries. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity.

Are you or a loved one involved with a matter involving estate planning? Contact the financial planning network to speak with a professional about estate planning today!

The following are some of the tools that are used in the creation of an estate planning:

• Wills
• Trusts
• Beneficiary designations
• Powers of appointment
• Forms of property ownership

Foremost is the drafting of a formal will. There are several approaches that may be taken in the drafting of a will. Trusts may also be established in order to clearly define what the desires of the beneficiary are in regards to protecting and distributing assets, property, and the handling of tax related matters. There may be other financial instruments included with the formation of the plan based on the type of services that the estates’ owner wishes to have. For instance, there may be specific life insurance designations, 401k’s, T.O.D. (transfer on death) or P.O.D. (pay on death) assets, securities or savings accounts.

In a recent study performed by the US Census Bureau, there was approximately 1.846 trillion US dollars spent in the acquisition of Individual life insurance policies and nearly 47 million or 16% of the population that had no form of health coverage with over 33% of the population that did not have any form of life insurance. Many Americans do not feel that it is necessary to have a personal will or a trust set up. However, without the documents stating their wishes, their property and assets will be under the jurisdiction of the courts when they pass away.

Are you or a loved one involved with a matter involving estate planning? Contact the financial planning network to speak with a professional about estate planning today!