DON'T LEAVE YOUR ESTATE TO CHANCE

Whether your estate is large or small, nearly everyone can benefit from having a well-designed estate plan in place. But many people - even those who realize the importance of proper financial planning - haven't developed an adequate plan for their estate. Some haven't developed an estate plan because they don't want to face their own mortality; others just can't seem to find the time to put a plan together. When it comes to estate planning, what's not done is often the biggest mistake that people can make. 

Take Control of Your Estate Planning  

You work hard to build your estate. Don't you want to be in charge of who inherits it? Your estate can build a legacy for your heirs. By implementing proper estate planning strategies, you'll be able to provide for your loved ones according to your wishes, while also planning for and protecting against unexpected events that may preempt your best-laid plans along the way.  Without an estate plan in place, federal and state laws will dictate how property, personal items, and assets are divided, with no regard for your wishes. Conflicts due to family issues and legal problems could result, tying up the estate and slowing down the distribution of assets. Additional administrative expenses and taxes, which must be deducted from the estate, can also reduce the overall value of your estate. You can prevent this scenario by taking steps now to put together an estate plan.  

Take Inventory of Your Assets 

For federal estate tax purposes, your assets include your investments, retirement savings, insurance policies, and real estate or business interests, as well as items like cars and collectibles. Next, decide who you would like to inherit your assets.  

Create a Will 

Everyone needs a will. If you and your spouse die without a will, a state court judge will not only appoint a guardian for your minor children but will decide how to distribute your assets among your heirs in accordance with state law. If you have a large estate and fail to protect it from federal estate taxes, you could end up forfeiting tens or even hundreds of thousands of dollars to the IRS that otherwise could have enriched the lives of your children or beneficiaries.  

Consider Setting Up a Trust  

Name Durable Powers of Attorney  

Keep Documents Current 

Maximize Your Estate Goals