Estate planning

Estate planning is an important part of your financial plan that protects your assets. Even after you're gone, it can help you offer financial security to the people you love or organizations you want to support.

Make their dreams your own

Your wishes may include securing your family's future. They may also include your hopes for a better world through charity and outreach programs.

• What does estate planning mean to you?
• How soon should you put a plan in place?
• Do you have special property, such as artwork or collectibles?
• Do you intend to contribute to charity?

Plan for the future

Designing a legacy consistent with your dreams and values is a very personal, often complex process. No matter how difficult it may seem, developing a successful estate plan is well worth your time, trouble and expense.

• Understand your circumstances. Know your current income and your likely future income. Calculate your annual expenses. Note your current assets and debts. Decide which family members you want to provide for, and determine their needs.
• Understand your tax requirements. One of your largest potential expenses is taxes, including federal transfer taxes, state death taxes and federal income taxes.
• Identify your resources. Working with an attorney and a financial advisor can give you the necessary confidence and background to create a responsible legacy.
• Draft a will. A will lets you state how you want your property distributed, who will administer your estate, and who will care for your minor children.
• Consider a trust. A trust is a separate legal entity that holds your assets for the benefit of one or more people (e.g., you, your spouse, or your children). You will need an attorney to create a trust.
• Think about life insurance. This is a contract under which proceeds are paid to a beneficiary at your death.
• Give gifts. Gifts are transfers of property that you make during your life to family, friends or charity.
• Ultilize available tax exclusions. The federal government offers several important estate planning tools. Consult your tax professional to learn more.

Revisit your estate plan on a regular basis

It's important to revisit your will and other estate planning documents regularly, or when significant life events occur. A financial advisor will work with you to make sure your estate plans evolve along with your dreams and financial goals.