Plan for Your Future and Protect Your Loved Ones with Thoughtful Estate Planning.

Estate planning isn't just about what happens after you're gone; it's about ensuring your wishes are honored, your loved ones are cared for, and your assets are protected. Understanding the tools of estate planning, including trusts, can provide peace of mind and security for your family's future.

Why is Estate Planning Important?

Protecting Your Loved Ones and Your Legacy.
Estate planning is a crucial aspect of responsible financial management for individuals and families. Here's why it deserves your attention:
  • Ensures Your Wishes Are Honored: Estate planning documents allow you to specify how your assets will be distributed according to your desires.
  • Provides for Your Loved Ones: You can designate who will inherit your assets and make provisions for their financial well-being.
  • Minimizes Estate Taxes: Strategic planning can help reduce or eliminate estate taxes, preserving more of your wealth for your beneficiaries.
  • Avoids Probate: Proper estate planning can help your loved ones avoid the often lengthy and costly probate process.
  • Designates Guardians for Minor Children: You can name who you want to care for your children if something happens to you and your spouse.
  • Plans for Incapacity: Estate planning documents can also address who will manage your financial and healthcare decisions if you become unable to do so yourself.
  • Supports Charitable Giving: You can incorporate charitable donations into your estate plan.

Key Estate Planning Documents

Understanding the Essential Tools for Your Plan.
Several important documents form the foundation of a comprehensive estate plan:
  • Will: A legal document that outlines how your assets will be distributed after your death and names an executor to manage the process.
  • Living Will (Advance Directive): Specifies your wishes regarding medical treatment if you become incapacitated and unable to make decisions for yourself.
  • Power of Attorney (POA): A legal document that grants someone you trust the authority to make financial (Financial POA) or healthcare (Healthcare POA) decisions on your behalf if you become incapacitated.
  • Trusts: Legal arrangements that allow you to transfer assets to a trustee who manages them for the benefit of designated beneficiaries. Different types of trusts serve various purposes.  

Understanding Trusts

Powerful Tools for Asset Management and Transfer.
Trusts are versatile estate planning tools that offer numerous benefits:
  • Avoid Probate: Assets held in a trust typically pass directly to beneficiaries without going through probate.
  • Control Over Asset Distribution: You can specify when and how your beneficiaries receive assets.
  • Asset Protection: Certain types of trusts can offer protection from creditors.
  • Tax Benefits: Some trusts can help minimize estate taxes.
  • Special Needs Planning: Trusts can be established to provide for individuals with special needs without jeopardizing their eligibility for government benefits.
  • Privacy: Trusts are generally private documents, unlike wills which become public record during probate.

Common Types of Trusts

Exploring Your Trust Options.
There are various types of trusts, each designed for specific purposes:
  • Revocable Living Trust: You retain control over the assets in the trust during your lifetime and can change or terminate the trust. It avoids probate.
  • Irrevocable Trust: Once established, you generally cannot change or terminate the trust. Often used for tax planning and asset protection.
  • Testamentary Trust: Created through your will and comes into effect after your death.
  • Special Needs Trust: Designed to provide for a beneficiary with special needs without affecting their eligibility for government assistance.  
  • Life Insurance Trust (ILIT): Owns your life insurance policy, potentially removing the proceeds from your taxable estate.

The Importance of Professional Guidance

Navigating the Complexities of Estate Planning.
Estate planning laws can be intricate, and the best strategies depend on your individual circumstances. Seeking advice from experienced professionals is crucial:
  • Estate Planning Attorneys: To draft legally sound estate planning documents tailored to your needs.
  • Financial Advisors: To help integrate your estate plan with your overall financial goals and investment strategies.
  • Tax Advisors: To develop strategies for minimizing estate and gift taxes.

Secure Your Family's Future and Protect Your Legacy.

Don't leave these important decisions to chance. Contact us today to learn how comprehensive estate planning, including the use of trusts, can provide security and peace of mind for you and your loved ones.
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cortnie.beaver@prudential.com       

 

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Cortnie Beaver is a Financial Planner with, and offers securities and investment advisory services through LPL Enterprise (LPLE), a Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.

LPLE and LPL Financial are not affiliated with Skye Wealth Management.

The LPL Enterprise registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.

Skye Wealth Management does business in the following states:

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Mutual Funds:      DC, MD, PA, VA, WV      Fixed Annuities:                    DC, MD, PA, VA, WV
Life Insurance:     DC, MD, PA, VA, WV      Variable Annuities:               DC, MD, PA, VA, WV

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