Estate Transfer Planning
The purpose of creating an estate transfer plan is simple. Deciding in advance what will happen to your property when you are done with it. Since we cannot take the property we own with us when we are gone, that property must transfer to someone such as a family member or perhaps to a charity.
An estate transfer plan give you control over who receives your property and how. Without an estate transfer plan, distributing your property will be left to state law, which distributes your property according to law rather than your wishes.
Popular culture has portrayed estate planning as something only the wealthy need. However, if you own property, you need an estate transfer plan. An estate transfer plan is customized to fit your circumstances. An estate transfer plan might be simple or complex depending on your needs.
If you own a small business, you might, at some point, step away and retire. Since your business likely represent a large part of your estate, having a plan in place to deal with a business after retirement or death is important. Like individuals, business owners need an estate transfer plan for their business.
Several legal documents, drafted by your attorney, create part of the estate transfer plan. The types of legal documents you will need will depend on your estate transfer goals. Though we are not a law firm we work with your attorney through the planning process to help ensure your legal Estate Transfer Plan is consistent with your Financial Estate Transfer Plan.
The financial side addresses efficient transfer strategies for cash assets.
You may have substantial savings in brokerage accounts, savings accounts, CD’s or Retirement accounts. The goal of a financial estate transfer plan is finding ways to transfer those assets on a tax favored basis with the least amount of hassle.
Income taxes can have a significant impact on these assets and the amount available to transfer after you are gone. If you are concerned about taxes, there are strategies to help pay taxes and transfer the full amount to your heirs.
Like a carpenters’ tool belt, there are financial products commonly used as tools for estate transfer. Life insurance, annuities and long-term care are a few examples. The need for these types of products will depend on your estate transfer goals and the financial resources you wish to use to accomplish your goals.
The first step is meeting to discuss your concerns and goals. During this meeting we will have the opportunity to get to know one another. We will discuss our process and explain what it involved. After the meeting you can decide if you would like to work with us. If not, we understand. Our services are not for everyone.
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Neither Integrated Planning Solutions nor its representatives offer legal or tax advice. The information contained on this page is for informational purposes only and should not be relied upon for tax or legal advice. Consult with your legal or tax adviser regarding your individual situation before making any tax or legal related decisions.