Like it or not, we will all pass away. And when we do, we all leave something behind; it’s either something we own or something we owe. For this reason, estate planning is a very important part of the financial planning process. Without proper planning, our loved ones are left trying to sort out our affairs, the transitioning of our assets can be delayed, costs to settle the estate can rise, and family disputes can occur.
We have a systematic approach to helping our clients address their estate planning needs. First, we help them understand the probate process and how different assets pass upon death. It’s also important that they understand the financial impact their passing can have on their family and loved ones. We outline the documents that play important roles in estate planning such as wills and trusts and then develop a plan to minimize the costs, taxes and delays of transitioning their assets and settling their estate when their time comes. This phase of planning is often done by working closely with an estate planning attorney and tax advisor.