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Why Do People Fail To Do Estate Planning?

March 10, 2016

People invariably fail to plan due to misconceptions about the process. As mentioned above, some people view estate planning as “death planning;” an event about which few people want to think. It’s hard for most of us to face our mortality and the brevity of life. Others believe that planning is complex and expensive. They… Read more »

Do I Need A Plan If I Have Titled My Assets Correctly?

March 08, 2016

If all my property is in joint name with my spouse, is that sufficient? First, the question seems to assume that planning is only about assets. As discussed above, plans are used for many other purposes beyond passing money and personal items to the next generation. Nevertheless, since assets are also involved, this is a… Read more »

Who Needs Estate Planning?

March 04, 2016

There are a lot of misconceptions about estate planning. And part of the blame lies with professional advisors who speak a unique planning dialect. We talk about wills, so you may associate estate planning with death planning and distributing assets after you’re gone. And since death usually happens when we’re advanced in age, you may… Read more »

Why Should I Care About Planning?

March 02, 2016

Many people consider estate planning to be an act of stewardship. They spend their life maximizing the use of their “time, talents, treasure, and trust.” They want to ensure that the benefits of this stewardship will continue even after the ability to control has ended. The control and benefit of everything we “own” will eventually… Read more »

Why is it Better to Pay Gift Taxes Rather Than Estate Taxes?

October 23, 2015

You may hear an advisor refer to gift and estate taxes as being  “tax exclusive” or “tax inclusive,” respectively. This terminology is sometimes confusing, and may be better understood by saying that a gift is tax exclusive, because the taxes due are not subtracted from the gifted amount going to the heirs, but are paid… Read more »

What Role does the Insurance Specialist have in Estate Planning?

October 01, 2015

Many advisors use life and long term care insurance as tools in an estate plan. Life insurance may be used for income replacement at the death or disability of a breadwinner, as a way to create an inheritance, to replace assets that are given to charity, or to pay estate taxes. Long term care insurance… Read more »

What are the Costs of Failing to Plan Financially?

August 20, 2015

Failing to plan can result in both emotional and fiscal costs. Emotional Costs Financial planning is about being clear where you are going financially, and being confident that you have made the right decisions and have the best strategy in place. Lack of planning often leads to a lack of financial independence. The emotional cost… Read more »

Why is it Important to Have a Process to Capture a Personal Family Vision of Wealth Before Beginning Any Estate or Financial Planning?

August 10, 2015

Having a formalized process allows you to reflect on what is most important to you and your family. It also affords the opportunity to break your vision into smaller goals and objectives so they can be prioritized and successfully completed. Traditionally most professional advisors work only within their own education and skill set. There is… Read more »

What Is Estate Planning?

June 25, 2015

In the most general sense, estate planning is a process that ensures that the people and things important to you are treated in a manner you would approve of, both while you are living and after you are gone. Planning isn’t limited to financial assets, real estate, and personal possessions. It’s much broader than simply… Read more »

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