by Jeff Hausinger, CFP®, CIMA, Branch Manager
Estate Planning is a vital part of the Financial Planning process for all of our clients. We encourage our clients to have the proper conversations with their attorney and CPA to figure out the best structure for their individual needs. The proper Estate plan is going to take into consideration multi-generational planning, as well as plans to ensure the well-being of a surviving spouse. Many of the estate plans we encounter today also include provisions that are important during one’s life as well. Some of the items that might be addressed in an estate plan could include a living will, health care surrogate, guardianship for young children or disabled children. Often times an Estate plan will lay out a strategy on how to handle life insurance, retirement plans, individual securities, and even family owned businesses.
Estate plans are no longer only for the super wealthy. There can be significant financial benefits for folks even with a modest nest egg. Oftentimes just having your wishes spelled out in a document can save your family a tremendous amount of stress and anxiety over what to do. You might be surprised to learn we deal with many families who have hurt feelings and feel cheated after a family member passes away. It is unfortunate, but often when a matriarch or patriarch of a family passes away, family dynamics change quickly and often fragment in a surprising direction. I would also emphasize that this type of planning is especially important to our clients who may have multiple marriages and children from previous marriages.
The financial advisors at All Seasons Wealth Strategies would love an opportunity to talk with you and your family about your unique situation. Contact us today to schedule an appointment.
This blog is provided for educational purposes only. The information provided does not constitute any legal, tax or accounting advice. Please consult with a qualified professional for this type of advice.