Estate Planning, Wills, & Trusts

Americans are in the midst of one of the greatest inter-generational transfers of wealth in history, yet few of us have done any planning for it.Americans are in the early stages of the greatest inheritance wave in history. With members of the World War II generation passing their assets to their children, the latest research indicates that wealth transfers in the U.S. over the next 40 years will total at least $41 trillion. Unfortunately, most people aren't ready, financially or emotionally, to leave behind their property in ways that best fit their goals and their heirs' needs. People spend more time planning vacations than planning their estates. It doesn't have to be that way. If you get a grip on your financial situation, clarify your goals and employ basic estate planning techniques, you can put your assets in order and ensure that your financial and philanthropic aims live on even after you die.

• No matter how much you have, it's important to learn basic estate planning techniques and to plan carefully so that your family, financial and philanthropic goals are met even after you die.
• A good way to begin estate planning is to take inventory of your assets.
• It's easy to overlook, but thoroughly discussing your assets and intentions with your heirs is a critical initial stage of estate planning.
• Your taxable estate includes everything you own, including your home, investments, retirement accounts, life insurance and any share of jointly held property.
• You can leave an unlimited amount to your spouse tax-free, but this generally isn't a good tactic, as it simply defers all the tough decisions about your assets until the time of your spouse's death.
• Everybody needs a will, or, if your estate is complicated, a living trust. Your will or living trust is the device that lets you tell the world exactly how and where you want your assets distributed when you die. Dying without one can be disastrous.

Wealth Preservation Group does not offer Tax or Legal advice.  You should consult a tax or legal advisor before utilizing any planning options shown so that it can be evaluated on your own needs and circumstances.