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What you need to know about Estate Planning

 

                                     What you need to know about Estate Planning

 

It is a misconception that estate planning is only for those who have very large estates and extensive assets. The truth is, estate planning is something that everyone should do to protect themselves and their families in order to prepare for the future.

Proper estate planning consists of managing your assets while you are alive in a manner that can help to not only potentially reduce taxes, but also allow a friend or loved one to make financial and healthcare decisions if you are incapacitated. In addition to addressing financial issues while you are living, an estate plan allows for the passing of your assets when you die, to who you want to receive them.

Avoiding Probate And Excessive Taxation:

The main reasons for estate planning are to distribute your assets according to your will or trust, establish beneficiaries, set up specific bequests, give to charities that you want to support and avoid excessive taxation. By creating specific legal documents, such as a Last Will or a Living Trust, an individual or couple can guide how their assets are distributed after they die and/or manage them more easily while they are alive.

Probate costs can be expensive, and the time it takes to process a probate case through the court system can take a year or more, depending on the complexity, and at a minimum 6-9 months. Probating an estate places a burden on your executor (or executrix) and may involve a significant amount of time, travel and money. An estate plan utilizing a living trust can potentially avoid probate altogether, if privacy is a concern to you.

Work With A Professional:

Every year federal and state laws change regarding estate planning. It is very important that you seek professional help when planning your estate to ensure that you are in compliance with the laws, and taking advantage of what you are entitled to by law. Simple mistakes could cost you and your family large amounts of money.

If you are ready to plan your estate, we encourage you to speak with one of the CERTIFIED FINANCIAL PLANNERS™ at Fish and Associates. Our experienced and knowledgeable staff can help you navigate and plan so you make the right decisions to help protect your family now and in the future. Once a plan is created, we can refer you to an estate planning attorney who can draft the proper documents for your family’s situation.

 

 

 

 

 

 
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. Comments that may include past performance are not intended to be forward looking and should not be viewed as an indication of future results. Trusts should be drafted by an attorney familiar with such matters in order to take into account income, gift and estate tax laws (including generation skipping transfer tax). Failure to do so could result in adverse tax treatment of trust proceeds.

Why Charitable Planning is important?

The Basics of Charitable Planning

 

When people are asked how they want their estate distributed at their death, many people mention giving to a charitable organization such as a school, their church or a favorite nonprofit. Without proper planning, charitable wishes may not be fulfilled.

Charitable Planning can be complicated, involving trusts and the drafting of legal documents, or it can be as simple as adding a beneficiary to your retirement account or life insurance policy. At Fish and Associates, we understand that “every person, family, business, and situation is different”; and each family needs to plans for their personal legacy.

What is Charitable Planned Giving?

In its purest form, charitable planning is the act of giving money or other items of value to charitable organizations (such as a church or a homeless shelter) without expecting anything in return. Some specific planning techniques are deferred, meaning that you can make a gift now, perhaps get a tax deduction and income while you are living and the remaining assets go to the charity upon your death. In that case you and the charity both benefit.

Does Charitable Planning only provide for charitable contributions after my death?

Depending on your individual circumstances you can set up a charitable giving plan that starts now, at your retirement, upon your death, or anytime in between. In other words, you have control over how gifts are received and when. There are so many options, both simple and complicated, it is best to talk to one of our experienced planners to determine what your options are and what will work best for your individual situation.

Why is Charitable Planning important?

Giving some (or even all) of your assets to a charity that is important to you once you have passed is a very generous option that many people consider. Today, charitable planning is becoming a very popular way to give back to the community, while potentially getting some excellent tax benefits for you and your loved ones in the process.

Current tax codes give exceptional tax benefits for most types of charitable giving.

We know that you probably have a lot more questions about Charitable Planning so call us today at Fish and Associates. You can reach us at 901-767-0668 and we will answer your questions about Memphis Charitable Planning. At Fish and Associates, we are here to help you have the best life possible with the money you have!

 

 

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. Comments that may include past performance are not intended to be forward looking and should not be viewed as an indication of future results. Trusts should be drafted by an attorney familiar with such matters in order to take into account income, gift and estate tax laws (including generation skipping transfer tax). Failure to do so could result in adverse tax treatment of trust proceeds.

Note: Due to industry regulations on communication, we are unable to allow for public comments on this blog. Please feel free to email me your questions and/or comments to kathy@fishandassociates.com. Thank you. Securities and Investment Advisory Services offered through NFP Securities, Inc., Member FINRA/SIPC. NFP Securities, Inc. is not affiliated with Fish & Associates.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Kestra IS and Kestra AS are not affiliated with Fish and Associates. Kestra IS and Kestra AS do not provide tax or legal advice.


This site is published for residents of the United States only. Registered representatives of Kestra IS and Investment Advisor Representatives of Kestra AS may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact the Kestra IS compliance Department at 512-697-6000.


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