Estate Planning
Estate planning is an important process in which an individual or family must arrange for the transfer of assets in anticipation of death. An effective estate plan preserves the maximum amount of wealth possible for the beneficiaries while providing flexibility for the individual prior to death. A major concern for individuals or families of estate plans is federal and state tax laws.
At Finlan Asset Management, we offer a variety of strategies for passing on your wealth in the most effective way possible. Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets.
Finlan Asset Management will address with you the following questions and assist you with developing a new estate plan or updating your current plan.
Do you have a will? If so, when was it last updated?
Do you have an estate plan? If so, when was it last reviewed?
What assets will be available to pay your estate settlement costs?
What steps have you taken to minimize the impact of probate?
Does your will name a guardian for your minor children?
Are you comfortable with the executor(s) and trustee(s) you have selected?
Do you have the right amount and type of life insurance?
Have you considered a living trust to avoid probate?
If you have a living trust, have you titled your assets in the name of the trust?
Do you have a living will or durable power of attorney in case of catastrophic illness or disability?
What arrangements have you made for your potential long-term care needs?
Are you taking full advantage of marital deductions?
Does your current estate plan take advantage of the 2007 Federal exemption amount of $2,000,000?
Have you used an irrevocable life insurance trust to exclude insurance proceeds from being taxed as part of your estate?
Are you taking advantage of the $12,000 ($24,000 if married and gift splitting) annual gift tax exclusion to minimize future estate costs?
Have you considered a charitable remainder trust to provide income to your beneficiaries for a specified period, after which the remaining principal would eventually pass to charity?
Have you considered a 529 plan to help reduce your taxable estate and provide tax advantaged educational benefits to your heirs?
Your long-term financial success should always include a plan for what happens with your estate upon your death. Finlan Asset Management is committed to incorporating all of your financial needs, including successful investment solutions for estate planning and implementation of your final wishes and dreams.
To find out more about our services please click here.
