Estate Planning

Almost everyone needs an estate plan. If you own property and want to direct how and to whom it is distributed, a plan should be developed. Without a plan, property will be distributed according to state intestacy laws without regard to your desires or expectations. In other words, without the appropriate planning, you won’t get a vote.

The degree of estate planning needed changes as life evolves. Most initially start with a need for a basic will and proper beneficiary designations. With the arrival of children, guardians and custodians need to be identified. Eventually, estate taxes can become an issue.

Regardless of the size of their estates, clients may have the need to have a plan reviewed. Answer the following ten questions:

  1. Does my will name guardians for my children?
  2. Who is the executor and who will be trustees?
  3. Are special considerations for medical needs adequately addressed?
  4. Is the will up-to-date with the changes in the law?
  5. Are estate taxes minimized?
  6. Should charitable gifts be included?
  7. Are provisions for long-term care made for dependents?
  8. Has a smooth succession plan for my business been outlined?
  9. Is investment assistance provided for family members in need of help in managing their inheritance?
  10. Are gifting programs being fully utilized?

'No' answers indicate a potential need for updating your estate plan. While this area of planning can be complicated and confusing, we at San Francisco Associates can help you navigate the process, and can help select your team of specialists when appropriate.

Many families with moderate means find themselves impacted by federal taxes upon their death. Estate tax rates can climb up to 55% and, when combined with other taxes (such as income taxes on retirement plans), can get as high as 85-90%. Through proper estate planning, one can:

  • Protect a family by making provisions to meet present and future financial needs
  • Minimize taxes that might reduce the size of the estate
  • Name an experienced executor to ensure that wishes are carried out
  • Name a guardian for minor children
  • Establish trusts to manage inheritances for any beneficiary who may be minor or otherwise inexperienced
  • Appoint a qualified trustee to make sure that assets are managed prudently
  • Avoid delays and added expenses that can be involved
  • Put a plan in place so that family and loved ones will be taken care of in accordance with wishes.