You and your family have worked hard to earn the assets you've accumulated, and you want to ensure they go exactly where you want, while minimizing any estate taxes, unnecessary costs, delays, and other burdens to your grieving family. Avoiding probate is often a key objective to minimizing costs, maintaining privacy, and ensuring the effective transfer of assets. Let a Certified Financial Planner™, CFP®, and Certified Public Accountant, CPA, help you. I work with excellent estate and trust attorney's in Naples, FL, and will happily help you find an attorney in your home state as well.
Estate planning can be both a complex and delicate area of financial planning, and I fully get that. It is also an absolutely crucial, and often times overlooked part of a comprehensive financial plan. As your Certified Financial Planner™ here are some essential questions to ask yourself and your spouse (if applicable):
-Will your assets go to their intended beneficiaries, and are they capable of handling those funds? Do I need a Trust?
-How can various Trusts help achieve my numerous goals (avoiding probate, philanthropic, protecting beneficiaries)?
-For parents, have you specified guardians to care for your minor children should something happen to you?
-Do you have a current, valid will in your home state? Do you own property in multiple states and how is it titled?
-Have you named a competent executor/executrix to run your estate effectively, and at minimal cost?
-Does my estate provide the liquidity necessary to both pay any estate taxes due, and provide for your family's immediate cash flow needs? This is often an issue for high net worth clients that are asset rich, but lack liquidity.
You and your family have worked hard to earn the assets you've accumulated, and you want to ensure they go exactly where you want, while minimizing any estate taxes, unnecessary costs, delays, and other burdens to your grieving family. Avoiding probate is often a key objective to minimizing costs, maintaining privacy, and ensuring the effective transfer of assets.
Probate can be avoided by creating a Trust while simultaneously meeting specific objectives (2503(b) & (c), QTIPs, A-Trusts, Bypass Trusts, GRATs, GRUTs, ILITs, QPRTs, CRATs, CRUTs, etc).
Probate is also avoided with assets passing by Contract- Life Insurance, Retirement Plans, IRAs and Annuities with named beneficiaries and appropriate Pay on Death (POD)and Transfer on Death (TOD) designations.
Finally, assets passing by Operation of Law avoid probate, and this deals with properly titling assets- Joint Tenants with Rights of Survivorship (JTWROS), Co-Ownership with Survivorship, and Tenancy by Entirety. Finally, Community Property vs. Separate Property states, prenuptial agreements, and non-traditional couples affect Estate Planning Techniques. I work with excellent trust and estate attorneys in multiple states, and will be more than happy to help you select one if you require assistance, and again- I never accept referral commissions. RATES & QUALIFYING