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LEGACY PLANNING
Did you know that over 55% of Americans die without an estate/legacy plan?
What exactly is legacy planning and why do you need it? Legacy planning involves the preparation and planning of the future, as well as having people, contracts, and procedures in place to protect your legacy. Legacy planning is important because it provides security for you, your loved ones, and your most prized possessions.
Business Succession
National
Whether it be a passion, mission, or building generational wealth, we can assist you with forming your business(es). What is a business entity? A business entity is a type of business structure and has the ability to do everything an individual can. A business entity can purchase property, purchase other businesses, open a banking account, and even create a trust. The main types of business entities are Corporations, S-Corporations, Limited Liability Companies (LLCs), and Non-Profit Organizations. The type of entity you should form will depend on your goals, your company’s purpose, possible tax implications, liability concerns, or legacy planning, among other reasons.
If you are already a business owner, you may or may not have measures in place for your business should something happen to you. But did you know that as a business owner you can create a legacy plan for your business? You can place your business into a trust, outline who will take over your business should something happen to you or your business partner, dictate if your business will donate to charity, and so much more!
If you're ready to put a legacy plan in place for your business, book a free 15 minute discovery call today and inquire about about you can get a free Legacy Evaluation!
Wills
National
A Will is a legal document used to communicate who you want to receive the benefit of your assets once you have passed away. It also designates who you want to oversee distributing those assets.
Wills are an important part of an estate plan and have certain advantages, such as giving definitive directions for the distribution of assets as well as instructions for who will care for dependents. And if appropriately drafted, a well-crafted will can reduce the length of the probate process.
Having a will is a good thing, but it also has its limitations. A will is not enough to ensure that your assets will be distributed in a controlled manner, nor will it keep your family out of the lengthy court process that is probate. And because of the probate process, a will won’t provide immediate support for family members who need it.
To guarantee that your assets will be distributed to your loved ones according to your wishes, you need to have a legacy plan in place. A will is an important part of that plan, but there are other tools available to make sure your wishes are carried out and that your estate isn’t depleted.
If you're ready to put a legacy plan in place for you and/or your family book a free 15 minute discovery call today and inquire about about you can get a free Legacy Evaluation!
Trusts
National
Unlike a will, which is a document between yourself and the court, a trust behaves more like a contract between you and the trustee you designate to execute it. The main benefit of a trust is that the assets placed in a trust avoid the probate process.
Trusts are an essential part of estate planning in that they can protect high-value assets from probate as well as estate taxes. They also offer the flexibility to give the trustee specific instructions about how to distribute those assets, especially when leaving assets to minor children.
Many families are unaware of trusts being an option because they’re uninformed of the total value of their assets and feel that a trust isn’t an option for them. Also, the attorney they use to draw up their will may be unfamiliar with setting up trusts.
With 60% of Americans not having a will in place and 55% of Americans passing away without an estate plan, it’s important to make sure you have the proper legal and estate documentation in place to avoid having the state determine what happens to your assets.
If you're ready to put a legacy plan in place for you and/or your family, book a free 15 minute discovery call today and inquire about about you can get a free Legacy Evaluation!
BUSINESS
WILLS
BUSINESS
TRUSTS
BUSINESS
ELDER LAW
Elder Law
National
Most Americans are not putting a legacy plan in place at all. They think they can rely on Social Security and retirement accounts, but they’re being shortsighted. Experts expect Social Security to run into a shortfall of funds by 2037. Meanwhile, 68 percent of all American employees have access to a company-sponsored 401(k) plan, but of that number, only 51 percent use it.
Those with retirement accounts, like 401(k)’s, may also not be looking into what their 401(k) is invested in and whether or not it's being maximized. Individuals trust that it's enough, or they may not be maximizing their contributions, keeping in mind how much they need.
When starting to prepare for retirement, it is important to look into long-term care insurance because as people age, they may likely need aid, home care, or to stay in a nursing home. In order to obtain these services, you must pay out of pocket which can drain all of your assets.
The other option is to qualify for Medicaid, which also requires you to have little to no assets or to diminish your assets first. Long term care can alleviate the need to spend or diminish your assets as it would cover the said care expenses. Life insurance is an important tool to leverage when planning for your future, and some come with long-term care benefits.
Additionally, it is essential to have a plan in place to ensure your legacy is preserved. Whether it's a will or a trust, either of these vehicles will determine how to pass down the assets they are protecting. Lastly, it is crucial to budget and figure out what they need financially to live out the rest of their days comfortably. They need to have a number in mind and be aggressive with their savings and their goals to retire at the age they have set for themselves.
If you're preparing for retirement, have elderly parents/grandparents, or are a senior looking to put a legacy plan in place to protect assets and have a plan for the future, book a free 15 minute discovery call today and inquire about about you can get a free Legacy Evaluation!