General Answers
FAQs
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Estate Planning
1. What are the benefits of estate planning?
By having an estate plan, you will provide your family with peace of mind. They won’t have to worry about what happens to your assets, including money, property and investments. You have clearly made the decision as to what will happen with your money through a will or trust. Because of your decision and instructions, your family may have an easier time dealing with your unexpected death. Moreover, proper planning can save your estate thousands in court related expenses.
2. When is the right time to consider estate planning?
The state decides what will happen to your assets and distribute them among family members or your “heirs at law.” Your procrastination has taken the decision-making out of your hands, and that is not a good thing. By having an estate plan, you control the decisions and where your assets are distributed after you die. Do you really want the state to distribute some of your assets to a long-estranged sibling or relative? Get a free consultation with us.
3. When should I update or change my estate plan?
Whenever a significant life event occurs is the time you need to update your will or trust. A few scenarios exist, including buying a home, starting a business, the birth of children or grandchildren, getting a divorce, diagnosis of a serious medical condition or even receiving a significant inheritance.
4. What is included in an estate plan?
Every person is different, but here are some basics things an estate plan may include: A simple will or one that addresses a more complex estate with significant assets and property Guardianships and conservatorships, where your will includes the naming of a guardian if you have children, and a conservator for any incapacitated adults in your care.
A trust that lets you manage assets while you are still alive, thus sidestepping the probate process The appointment of an agent under durable power of attorney – a trusted person who will take care of your legal, health and financial responsibilities if you are mentally incapable.
A health care agent who will make decisions about your medical treatment if you are incapable of doing so A health care directive that includes instructions on what to do if you may be near death, or suffer from a terminal illness.
5. What is a living will?
A living will allows a person to make a decision during his or her lifetime not to be kept alive on death-delaying devices, in the event his or her condition is considered terminal. A living will is a personal decision made by an individual. Once the living will is signed and properly witnessed, copies of the document should be distributed to the person’s family physician and any other attending or treating physicians. By law, a physician or hospital is to keep this document with your medical records.
6. Does everyone need a living trust?
No. There is no need to establish a living trust during your lifetime if you do not have that many assets or the total value of your estate is less than $100,000. If the only asset you own is a piece of real estate, a land trust for real estate can be drafted at a lower cost to you than a living trust.
Financial Planning
1. What is financial planning?
Financial Planning is a process that develops a plan for budgeting, taxes, retirement, education, insurance, and estate needs, which meets one’s needs and goals. Following an initial meeting to establish your financial concerns and future goals, your financial data is gathered and analyzed to determine your financial situation. A financial plan is then developed as a recommendation of how best to meet your goals, taking into account your current financial situation.
2. What is a financial planner?
An individual who assists you in developing and implementing a financial plan and investment strategy.
3. Why should I use a financial planner?
There are many reasons to use the services of a financial planner. Some of the most important include:
Experience and Skill – you can rely on the financial knowledge of a financial planner to manage your investments rather than risk your financial future by relying only on your own investment knowledge.
Proven Track Record – although past history is no guarantee of future performance, using the services of a financial planner who has an established and proven investment program adds confidence to your financial and investment plan going forward. Coordination of Financial Services – maintaining a close, personal relationship with you allows a financial planner to provide advice on a range of financial matters, helping in overall coordination and management of retirement and investment planning needs.
Lack of Time – most people do not have or do not wish to commit the time necessary to properly manage their investments.
4. How do I determine my long-term financial goals?
Your goals might include early retirement, travel, vacation home, or building a family business. We will lead you through a process to help you determine your goals and to prioritize them as necessary. We will help you to meet your goals, by creating a customized financial plan, strategic investing and tax planning. As your life changes, your goals may too. We will continue to work with you in identifying changes to your goals and updating your plan.