Estate Planning and Family Trust Review
We work with your attorney to ensure your plan fits your financial goals

 

A solid estate plan can help you efficiently transfer assets to your loved ones and favorite charities in a way that reflects your values and goals. However, estate planning should not be a one-time event. As your life situation evolves and knowing that estate tax laws are subject to change, your plan must be reviewed regularly. If it isn’t, your property may end up being transferred in ways that are against your actual wishes. You risk not leaving adequate financial provision for your family and creating potential liquidity problems for them at the time of your death.

 

The KAR wealth management team will work with your tax and estate plan advisors to help you decide estate strategies that can work for you. Meet our team.

A good rule of thumb is to revisit your plan each year and whenever a significant life event occurs in your family. These could include a wedding, death, birth or adoption, purchase of a major asset such as a home, creation of a new business, sale of a business, or relocation to a new state.

A review should cover important issues such as:

  • Beneficiary designations
  • Asset titles
  • Asset transfer
  • Long-term disability coverage
  • Powers of attorney or health-care proxies
  • Funeral and burial plans
  • Guardianship and care of minor children
  • Funding for children’s’ educations
  • Family and charitable trusts
  • The impact of current estate tax laws

 

We want to be sure that your documents reflect your current thinking and that you are not missing opportunities to reduce estate taxes or smooth the transfer of your assets.

When you’re ready to revisit your estate plan, contact us. Our services are designed to integrate your estate planning decisions with other vital decisions in your financial life and give you the peace of mind of knowing your wishes for the future will be met.

Read: Tax Loss Harvesting & MLPs
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