Legacy, Long Term Care and Business Succession
Estate planning is simply determining (while you’re still alive) where your assets should go after you die. Without a properly structured estate plan, your wishes may not be fulfilled, and your loved ones could be hurt both emotionally and financially.
While the concept is simple, the vehicles, planning and implementation process can be rather complex. Because of the constantly changing estate tax laws and emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis.
There are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust will avoid probate upon your death. Unlike a will, the money in a trust or ‘corpus’ must be managed during your lifetime, often for young beneficiaries. We can help you.
Did you know that there are types of life insurance which create a tax-free stream of income and even cover health care costs during your lifetime?
It is this system using flexible and products that we bring to your attention and open your eyes to the full use of insurance for your personal future.
Life insurance is also for your family and we help you make the correct choices. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs.
IRA Legacy Planning
IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy to reduce taxes and increase the payout your beneficiaries will inherit upon your death.
A properly structured IRA may provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime. We can help you evaluate your financial scenario to determine if IRA legacy planning may be the best means for ensuring a long-lasting inheritance for your heirs.
Creating a charitable gift giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets, and no estate taxes on the charitable contribution upon your death.
With the increasing tax environment we expect in the U.S. in coming years, there may be compelling reasons to integrate philanthropy into your financial and estate planning.
Long Term Care
Did you know that the average couple spends $225,000 out of pocket on health care? Medicare does not cover most long term care costs.
As the oldest Baby Boomers begin to wind through their 50s, one of the biggest concerns may not be outliving income, but outliving good health.
For seniors, home health care can cost $50,000 or more per year1, and nursing home care can run as high as $80,0002. Does your retirement plan account for this kind of possibility? Would you be prepared for twice that number as a married couple?
Considering that you have to exhaust virtually all of your financial means before Medicaid will pay for long-term care and neither your group nor major medical insurance will cover long-term care, it’s critically important to plan ahead and protect yourself from these costly expenses.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy is the right move to help insure your future.
1. Genworth Cost of Care Survey, 2010
2. MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, 2009
Business Succession Planning
We assist you in creating lifelong independence and living the life you love through the more than 30 years after retirement.
Succession planning-We provide you with evaluation experts, and proceed dissemination and investing decisions.
Please see us before you decide to sell or hand over a business.