Estate Planning


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Estate Planning

  1. 1. Estate Planning The primary goal of estate planning is to not only to protect and preserve your family assets, but also to protect your family.
  2. 2. Estate Planning <ul><li>As financial advisors, we make sure our clients </li></ul><ul><li>have planned properly for their incapacity and </li></ul><ul><li>death. Unfortunately, our focus begins and ends </li></ul><ul><li>with the execution of proper documents and the </li></ul><ul><li>titling of assets. We often fail to make sure the </li></ul><ul><li>client’s family and decision-makers will have </li></ul><ul><li>adequate information about the client’s assets, </li></ul><ul><li>liabilities and intents. For example, </li></ul>
  3. 3. Estate Planning <ul><li>How many children know where a parent wants to be buried? </li></ul><ul><li>Who should be the pallbearers? </li></ul><ul><li>What should be read at the memorial? </li></ul><ul><li>What happens when you cannot find the password to a parent’s computer that holds all of the information you need to manage their affairs? </li></ul>
  4. 4. Estate Planning <ul><li>Failure to plan and failure to provide basic </li></ul><ul><li>information in virtually every case will create </li></ul><ul><li>family conflict, cause the dissipation of assets you </li></ul><ul><li>have spent a lifetime building, or result in the </li></ul><ul><li>payment of income and estate taxes that might </li></ul><ul><li>have been avoided easily. </li></ul>
  5. 5. Estate Planning <ul><li>A few examples: In August of 1997, someone’s father </li></ul><ul><li>was committed to a long term nursing facility. He spent </li></ul><ul><li>four days going through his papers and making endless </li></ul><ul><li>phone calls trying to locate basic information about his </li></ul><ul><li>father’s life, long-term care, health and disability insurance </li></ul><ul><li>policies, discerning his assets and debts, and benefits </li></ul><ul><li>from the military. Even after going through the process, </li></ul><ul><li>he was never quite sure he had a full grasp of everything. </li></ul>
  6. 6. Estate Planning <ul><li>Years ago, there was a client who carried a significant </li></ul><ul><li>life insurance policy. The premium was paid </li></ul><ul><li>automatically from his bank account. Long since, </li></ul><ul><li>the policy had been lost in a clutter of papers. </li></ul><ul><li>When the man was no longer able to handle his </li></ul><ul><li>affairs, his children terminated the bank account, thus </li></ul><ul><li>inadvertently terminating the policy. They did not realize </li></ul><ul><li>he had a half million dollar policy until he died a year </li></ul><ul><li>later. </li></ul>
  7. 7. Estate Planning <ul><li>The incapacity or death of a family member is always a traumatic event. However, the emotional turmoil and family pain often are magnified by the resulting confusion over the plans, assets, and desires of an incapacitated or deceased family member. This time of confusion and stress leads to an inability to make basic decisions – because of the lack of basic information. </li></ul>
  8. 8. Estate Planning <ul><li>This guide will provide information in a time of </li></ul><ul><li>confusion and help minimize the types of </li></ul><ul><li>inadvertent mistakes which often occur in these </li></ul><ul><li>times of turmoil. This document will help save </li></ul><ul><li>time, but the primary purpose is to reduce the </li></ul><ul><li>confusion and stress that almost always </li></ul><ul><li>accompanies the death or disability of a loved </li></ul><ul><li>one. </li></ul>
  9. 9. Estate Planning <ul><li>We recommend that clients complete the guide, keep a copy with important records, and, perhaps, provide a copy to a family member. </li></ul><ul><li>Provide your legacy for the living by giving your family the information they need in order to do this. </li></ul>
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