When you create an estate plan, you are doing much more than getting your affairs in order. You’re giving the gift of security to the ones you care about—your family, children, and other loved ones. Done correctly, estate planning can serve as a blueprint for managing and growing your wealth, not just for your benefit but for the benefit of generations to come as well. It documents your wishes, ensures that your assets and property are allocated according to your exact specifications, and even optimizes tax implications. It’s like a financial love letter to the people who matter the most.
Establish Your Estate Plan
Estate planning offers the gift of security, ensuring your assets and wishes are managed and fulfilled according to your vision. But before you create an estate plan, it’s important to examine the possible estate documents you will need. These include:
- Will
- Power of Attorney
- Medical Directive
- HIPAA Authorization
- Life insurance
Your Will: The Foundation
A will is a legal document that outlines how you want your assets and belongings distributed after you pass away. In essence, it’s a way of communicating your final wishes as well as instructions for distributing your property and assets. A will can also specify guardianship for minor children, reducing potential legal battles among family members. However, keep in mind that a will goes through probate, making it public. If privacy is important to you, then you want to consider a trust.
Power of Attorney: Your Financial Point Person
A Power of Attorney allows you to appoint someone to manage your financial and legal affairs, in the event you cannot manage them yourself.
Medical Directive: Your Health Wishes
If you are unable to make medical decisions for yourself, or become incapacitated, a Medical Directive outlines your choices for medical treatments and interventions.
Our Philosophy
Our Philosophy
Estate planning goes beyond money, and includes intellectual, spiritual and human wealth.
HIPAA Authorization: Access To Your Protected Medical Information
For your health care agents that you appoint under your Medical Directive to act on your behalf, they need access to your protected medical information. A HIPAA authorization allows your agents to review your medical records and speak with your doctors and nurses to make important medical decisions for you.
Life Insurance: More Than a Policy
Life Insurance might not be a typical estate planning document, but it’s closely related. A solid policy ensures your family will receive a payout when you’re no longer around. Just make sure your beneficiary designations and retirement benefits are not in conflict with your other estate planning documents.
Consider a Trust
Earlier, we touched on Trusts as a way to keep your affairs private. Trusts are fiduciary arrangements that allow a third party to manage and distribute assets on your behalf. As an advanced layer in your estate planning strategy, trusts give you more control over how your assets are distributed and can offer tax benefits and protections against creditors.
Gift Giving: A Tax-Smart Move
If you are worried about your hard-earned legacy being taxed, then gifting could be your solution. Giving gifts can decrease the size of your estate and allow your loved ones or favorite charities to benefit tax-free. Just be mindful of exceeding annual gift exclusions for each individual and your estate as a whole.
Investments: Your Financial Future
Investing is key for long-term wealth building and placing your investments into a Trust can offer multi-generational benefits. Included in this category are mutual funds, retirement accounts, CDs, and more.
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In-Demand Guest
TV and Radio stations throughout San Diego rely on Rod’s expertise regarding estate planning.
The Gift that Keeps on Giving
As this holiday season approaches, it’s worth remembering that the best gifts aren’t always wrapped in shiny paper. An estate plan provides peace of mind any time of the year.
If you’ve been wondering when to set up an estate plan, there’s no time like the present – especially for avoiding probate and ensuring your assets are handled the way you intend. A strategic estate plan can be immensely powerful, protecting you and your assets today while laying the groundwork for a legacy that could benefit generations to come.
24/7 Protection
24/7 Protection
With DocuBank, you have secure access to your medical information whenever you need it.