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Estate planning near me comes with multiple benefits. There are many positives to developing organized generational wealth transfer within your family. Additionally, estate planning acts as a vital assurance tool that your asset decisions are detailed enough and respected after you pass on.
Additionally, the living trust in your estate plan helps position your assets to avoid probate.
So, for a successful outcome, it is essential to understand how to engage in efficient estate planning as early as possible. It also helps to understand the best practices that you can apply to integrate family members into this procedure. Generally, understanding the basics of estate planning is crucial.
So, what is estate planning or, in other terms, legacy planning exactly? It is simply the process of making decisions regarding your estate. Estate planning features specific documentation detailing how you wish the proper distribution of your assets to take place upon your passing.
Among the common misconceptions regarding estate planning is that it only applies to the wealthy. The truth is that anyone owning assets, including homeowners, those with families that include young children, and those with any financial accounts, should consider estate planning.
Generational wealth is among the most relevant parts of the legacy planning process. Unfortunately, most people incorrectly presume that their assets will automatically transfer to their respective families after they pass on. This is not always the case, especially when the necessary arrangements are not put into place.
The lack of a plan to dictate asset transfer implies that your loved ones might pay more fees like taxes to access the assets you have left behind. But instituting an estate plan helps in reducing taxes upon your death significantly. Reduction of stress and anxiety among your family members also depends on your decision to set up a financial estate plan.
As part of a bigger estate plan, generational wealth transfer is there to ensure your assets and wealth pass down your family tree. As a result, your family can keep increasing your wealth and expanding on what you have worked towards for years. And keeping wealth within the family is the first step towards empowering the next generation. This way, each generation in your family can build upon this wealth to promote the whole family unit.
If you intend to evade confusion and conflicts after you pass away, it is critical to involve your adult children in estate planning. Having someone manage your money like an executor might be an essential part of your legacy planning. When you involve your children in the entire planning process it helps reduce confusion.
You can begin by planning a meet-up with your adult children where you can freely inform them about your plans. But before this conversation, it is good to ensure you have settled all relevant decisions to avoid your children from influencing your decisions for your estate. The conversation's purpose is to give your descendants the chance to inquire about your decisions and wishes while you are still alive.
Children also have the obligation of initializing the estate planning discussion with their parents. But when talking to their parents about estate planning, here is what they should remember:
To include other siblings.To identify the correct time to discuss financial estate planning.To establish reasons why the discussion is necessary at the moment.To learn the state of their parents' assets and financial estate planning.To cover fundamental estate planning subjects.To collectively set long-term goals.
It might be feasible to engage in financial estate planning independently, but consulting a qualified estate planning financial advisor helps improve the plan's effectiveness. Our team of financial advisors integrate a vast knowledge of estate planning documentation and procedures.
Furthermore, an experienced estate planning financial advisor can suggest the best products for your plan, thus helping in the reduction of stress and anxiety that you may be experiencing about your family's financial future.
Additionally, an estate planning financial advisor will analyze your specific circumstances and offer you practical advice on the leading strategies for liquidity management and generational wealth transfer.
Don't navigate this difficult process on your own. Instead, work with a professional from CoastHills Wealth Management that can review your options with you. To find out more about your estate planning process, get in touch with us today.
What is the difference between a will and estate planning?
In simple terms, an estate plan is your assets' broader plan of action that may be of use throughout your lifetime and after your death. Conversely, a will is a legal document that dictates who will receive your assets, take care of your children, and more after you die.
When should I start estate planning?
The safest course of action is to begin an estate plan when you become a legal adult and update it after every three to five years.
Who needs an estate plan?
Any person willing to transfer their assets to one or more living next of kin after they die should consider setting up a formal estate plan.
What should be included in estate planning?
An estate/legacy planning checklist should feature the following items:
Thank you: This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.