At Plan 4, we have one mission: to assist you in achieving your financial goals.  Our experienced team of advisors believes that an educated client is an empowered client.  We are committed to honest and forthcoming dialogue and evaluation.  We tell it like it is.  Meet with one of our advisors today to ensure that your estate plan accurately reflects your wishes.  Life happens, but we can give you confidence knowing that your estate plan is in place and current.

The importance of estate planning cannot be overstated.  Do you care what happens with your money and assets after you pass away?  Chances are, the answer is a resounding ‘yes’!  Proper estate planning can create generational wealth, in some cases changing the trajectory of a family’s future.  It can also keep belongings within the family and avoid conflict upon the death of a family member.  In order to truly ensure that your wishes are honored after your death, proper estate planning is imperative.  Maybe you want to keep your home in the family for generations to come, or you want to ensure that the family farm stays in the family.  Perhaps you want your grandchild to inherit your truck.  Financial estate planning is key to ensuring that these things happen and that your loved ones are taken care of when you pass.

• Last Will & Testament – This commonly known document allows you to legally specify what will happen upon your death, including who will ensure that your wishes are followed and who will receive your assets and belongings.
• Trust – A trust is a legal entity that can be created while you are alive or created upon your death through your Last Will & Testament.  The terms of the trust allow you to stipulate what assets will be owned by the trust, how the assets will be managed and distributed, and who will benefit from the trust.
• Medical Power of Attorney and Living Will - A Medical Power of Attorney, often called a Healthcare Proxy, is a signed legal document in which you name an individual person as your healthcare decision-maker in the event that you cannot make those decisions for yourself.  A Living Will, or Advanced Medical Directive, outlines your wishes regarding medical care should you become incapacitated, terminally ill, or otherwise unable to communicate your wishes.  This document provides guidance as to your care in the event that you are unable to communicate your choices.
• Financial Power of Attorney – A Financial Power of Attorney designates someone to make financial decisions on your behalf should you become unable to act.

When it comes to estate planning, there are several basic terms that you should be familiar with.  Your estate includes all assets that you, the testator, either own or have a controlling interest in.  The executor of your estate is the individual named in your Last Will & Testament as being responsible for disposing of your assets and liabilities after your death, as well as establishing any trusts created under your will.  A trust is a legal vehicle created either while the grantor, the person funding the trust, is alive or under the terms of their will.  Beneficiaries are those individuals named in a will or in a trust document as recipients of assets.  A trustee is named in a trust document as the individual responsible for the management, investment, and distribution of trust assets.

There are several things that you must do when considering developing an estate plan.  First and foremost, you must simply perform an inventory of your belongings.  Take a step back and consider your financial portfolio and assets.  Once you have taken a serious look and inventoried your assets, decide what you want to have happen with each asset and who will receive a bequest.  Once again, there is no one-size-fits-all strategy. Some people decide to divide things evenly between their beneficiaries while others consider the particular needs of each of their heirs.  Once you have decided what plan works best for you and your loved ones, you can move forward with speaking to a professional.  Schedule an appointment with your financial advisor or estate planner and bring the information you’ve compiled to help aid in the planning process.

Effective Estate Planning is vital to determining what happens to our assets after we pass on.  Estate planning also provides us the benefit of knowing that our loved ones will be cared for after we pass on.  Meet with one of our financial advisors today to begin developing your comprehensive estate plan.  We are also available to review your current plan and ensure that your estate is set up to meet your needs.

What is Estate Planning?

Estate planning is the process of organizing your finances and making arrangements for your loved ones in the event of your death.  This includes creating a will, setting up trusts as needed, and naming guardians for your dependents.  Estate planning allows you to make decisions about your estate while you are still alive and can help save your loved ones from a difficult legal process after you die.  It can also help reduce taxes on your estate.

What is included in my estate?

An estate refers to all of the property and assets that a person owns at the time of their death.  This can include real estate, cars, jewelry, cash, and any other assets that are held in the decedant's name.  An estate also includes any debts or liabilities that the person may have at the time of their death.

How can financial estate planning help me?

One of the main benefits of a financial estate plan is that it can help avoid probate.  Probate is a process through which the court determines who will inherit your assets after you pass on.  It can be expensive and time-consuming.  With an estate plan in place, you name the specific beneficiary of each of your assets and can appoint someone to manage your affairs after your death.

Financial estate planning can help you save taxes, avoid probate, protect your assets, and ensure that your loved ones are taken care of after you die.  If you are interested in learning more about estate planning, please contact the advisors at Plan 4, Inc. for a consultation.

What happens if I do not create a will or an estate plan?

If you do not create a will or an estate plan, your assets will be distributed according to state law.  This may not be what you want, and it could cause concerns for your loved ones.

Creating a will or an estate plan is the best way to ensure that your assets are distributed the way you want them to be. Contact Plan 4, Inc. today to begin the estate planning process with our guidance!