What will your legacy be?
Estate Planning is what will be left behind for your children, grand children, and great grandchildren. Over the years we have seen family after family fight over the assets once the grand parents pass away. We strongly believe accounts with defined beneficiaries (Life Insurance, Annuities, Stock accounts) win the battle every time over a Trust or Will. While we understand that these documents are important they are not fool proof. These contracts are only good if the executer follows the document. We have seen multiple situations where the executers literally stole the assets or where family members took other members to court to challenge those documents. A pre-defined beneficiary cannot be challenged once it is set. If you decide that your grandkids should be beneficiaries of one of these accounts and share in its sum as directed, that is exactly what will happen. Why? Because a financial institution is managing that account! Not your long lost son in law or your family attorney. A Trust managed by a bank or financial institution is sound but it is expensive with annual fees required. We do recommend Trusts but we do so knowing our clients have accounts within these trusts that have defined beneficiaries of some sort.
Will your loved ones be hit with estate taxes?
Can your spouse continue his/her lifestyle once you’re gone?
If you require nursing facility will your estate suffer?
If we could show you how to purchase a non-taxable estate for your loved ones would you be interested?