Factors to Consider for Estate Planning

Estate planning is the process of determining how and to whom your property will be distributed following your death. Proper estate planning ensures that your home, vehicles, finances, and other valuables will be given to the individuals or organizations of your choice. Regardless of your age or financial status, creating a plan for your estate is an important consideration; your retirement advisor can help you get started at any time.

The Value of Your Estate

The current and future value of your estate can play a role in the estate planning process. Passing assets on to family, friends, or even organizations can have tax consequences for both you and those who receive your assets. There are many strategies to help minimize or eliminate taxes on your estate, and such strategies should be discussed early and routinely. Work with you’re your professional team – Financial Advisor, Estate Lawyer and CPA to generate an Estate plan suitable for your interests.

The Form of Your Plan

The two most common estate plans are wills and trusts. Each of these options offers different benefits and drawbacks; the right choice for you will depend on your unique situation, preferences, and family dynamics. At a minimum you should establish both a durable financial and health powers-of-attorney.

The Needs of Your Beneficiaries

Once you’ve determined the recipients of your estate, it’s also important to consider their needs. The assets you leave—and the form of those assets—will depend greatly upon factors such as age, financial status, and potential tax ramifications. Even your own personal preference on how your estate will be used by those who receive it may be a consideration.

Financial Directions, LLC can help you with estate planning, retirement planning, college savings plans, and investment planning in Tucson. Take a look through our website for a full list of our financial services, or call us at (520) 408-7777 to schedule a meeting with one of our experienced financial planners.

About us

Blog

Market Center

Important Documents