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Financial Planning
Estate Planning and Wealth Accumulation | Online Insurance Estate Tax Planning
Estate planning is a plan to conserve and distribute your estate in a manner that achieves your goals. Estate planning is not just for the very old or very wealthy. if you are concerned about the loved ones you will leave behind, you need to take action now to minimize the financial and emotional burden your death will bring.
Developing your plan is a four step process of:
When a family member or friend dies, there is a natural process of grieving, which can interfere with our ability to make decisions. In addition, grief can sometimes impact already-strained family relationships. A person's death often terminates or changes relationships, especially if the deceased person was the only common link between other people. For example, a surviving spouse may have less contact with the deceased spouse's children from a prior marriage.
Many of the emotions we feel after someone's death are natural, healthy, and probably unavoidable. However, some emotional problems could be reduced or eliminated by advance planning. And consideration of the impact of probate proceedings and estate taxes can often avoid hardships.
Death is not the only event you should plan for. Due to illness or accident, many people become incapacitated, either for brief periods or permanently, and cannot make their own decisions. If you are disabled, your family and friends will be emotionally distraught and yet may need to make very important decisions for you.
Making decisions for an incapacitated person is always difficult. The person making the decisions will feel more comfortable if the incapacitated person has left advance instructions and has selected a specific person to make decisions. Estate planning must address the emotional needs of your family, your friends, and yourself.
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