The first step of a sound Estate Plan includes analyzing what is presently in place. From here we help you determine the effectiveness of your present plan and recommend changes if needed. This can include illustrating alternatives that will help reduce estate taxes, discussing asset management assistance needs for your family, demonstrating options to equalize asset distribution among beneficiaries, and reviewing existing life insurance contracts.
When completing an Estate & Distribution plan it is also critically important to focus on ownership and beneficiary designations of any contracts you own and help you by evaluating the cost-to-benefit relationship of your existing contracts. This includes determining whether contracts may avoid estate taxation. Last but certainly not least involves evaluating the sources of income for your survivors to assure that adequate income is available and eliminating outstanding debt to avoid burdening beneficiaries.
Although we are not Attorneys, we do have expertise and experience of what to look out for when reviewing an estate plan. We also work closely with a strategic team of Attorney’s we have built strong professional relationships with and are happy to make referrals as needed.