Protect You And Your Family With Estate Planning

Estate planning involves documenting your personal decisions that will allow your loved ones to carry out your wishes one day. This is done more easily, with less stress, and in less time. Estate planning is beneficial for all assets, including savings, investments, and insurance, contrary to common belief.

Many people view an estate plan as a way to protect their finances and show kindness to their loved ones. Many people were motivated by the pandemic to take action that they might not have otherwise.

• 62% of respondents said that it is more important to prepare financially for future uncertainty.
• 63% of respondents said that protecting financial assets is more important than ever.
• 44% of those who didn’t have a will/estate plan already said that they would create one now.

These are the main benefits that you should discuss when proceeding with estate planning.

Who Will Get Your Assets And Make The Decisions?

You decide what happens to your assets if you have a documented estate plan. This is in contrast to state laws and a court. You can decide who will get what based on the factors that you consider most important. Consider, for example, the care and support that a family member has given you or how prepared an individual is to manage an inheritance.

If you are unable or unable to make financial decisions, you will need to identify the decision-maker(s).

 Protects Your Child(ren)

An estate plan is vital if you have a minor child (in many states, under 18). An estate plan enables you to:

• You can name a guardian via a will to take care of your child.
• When your assets are held in trust for your child, name an adult trustee and/or corporate administrator. The trustee will make distributions to support your child’s education, care, and support. You can also indicate the age at which your child will receive any remaining trust assets once they turn 18.

It is a crucial decision to choose a trustee. A trustee is a person who can make financial decisions. Given the responsibilities and the risks involved with this role, it might make sense to hire a corporate trustee in certain situations.

This Helps To Reduce Expenses And Delays In Time

It can take some time to set up an estate. This depends on how complex your situation is at the time. It can be more difficult and time-consuming for your loved ones if you don’t have a will. This is called intestacy.

State intestacy laws govern who, if any, of your potential beneficiaries will receive what assets after all outstanding debts are paid. The state’s intestacy laws vary, and public records of probate proceedings are available.

The Key Elements Of An Estate Plan

A skilled estate planning professional will be able to create customized strategies and documents that suit your needs. This could include:

• Will: A legal document that outlines the distribution of your property and care for any minor children.
• A revocable trust: An entity that is created to own your assets. Your revocable trust can be changed or ended at any time.
• Power-of-attorney: This legal document gives someone you choose the power to make decisions about property, finances, and/or medical treatment when you are unable.
• Healthcare directive: Written documentation of your health care wishes that you can communicate to others.
• Beneficiary designations: A Will does not replace beneficiary designations when determining who will receive your assets upon your death. All financial accounts, regardless of their size, should have beneficiaries. This information can be updated as necessary.
• HIPAA authorization: This allows health care providers to talk about your medical condition/health information and with family members or others, you have chosen.

Tax Considerations

Federal estate taxes apply to estates that have combined gross assets and prior taxable gifts exceeding $11.7million (in 2021), or $23.4 million for married couples planning. Other states may also impose an inheritance tax or an estate tax, with exclusions that are often lower. A trusted official will review your estate to determine if it meets current federal or state tax requirements.

You will feel more secure knowing that your wishes will come true and that your family will have simplified documentation. Consider involving a tax professional and a financial advisor in estate planning due to the tax and financial implications.

Choose All Seasons Wealth 

Our financial advisors are dedicated to helping every client with their financial planning in Tampa. We listen to your needs and help you determine the best course of action to pursue your financial goals.  We then work for you to maximize your money’s long-term growth. Our team is client-oriented and focused on delivering industry-leading results for you.  

We believe that everyone in Florida should be served. This is why we have an experienced team of financial advisors both from the Tampa Bay area and across the United States. Professional guidance is something that everyone can benefit from. Working with a financial advisor can help you achieve your wealth goals and give you more confidence in your financial plans. Let’s talk and see how we can work together. 

Contact Us Today 

You can pursue your goals with financial planning to help you prepare for a better future for you and your family. Contact us today to speak to a financial advisor in Tampa.

Any opinions of All Seasons Wealth Advisors In Tampa are not necessarily those of RJFS  or Raymond James. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment. Past performance may not be indicative of future results. 

Prior to making an investment decision, please consult with your financial advisor about your individual situation. 

Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional. 

Forward-looking data is subject to change at any time and there is no assurance that projections will be realized.