HOW CAN I PROTECT MY ASSETS FOR THE FUTURE?
As important as it is to protect what you have today, it’s equally as important to protect what you will have in the future. We can help you get your estate in order so that you can leave a lasting impression for the people and charities that mean the most to you.
Put your estate and assets in order.
While mortality is a difficult topic to discuss or think about, leaving your family with large financial decisions isn’t pleasant either. We can help you sort out your estate needs and assist you with the big decisions.
Article: Estate Planning Checklist
Assess your worth.
Start by assessing you overall financial picture—your net worth. You need to identify not only your financial and investment assets, but also the value of your real and personal property.
Put it in writing.
Perhaps the most important thing you can do to help your family with your passing is to craft a will. With the assistance of an attorney, you can outline how you wish your estate—your assets and liabilities—to pass through after your death. Your assets, along with your debt, will need to be handled by your family. Identify anything that may need to be taken care of in case you’re incapacitated. Check on taxes that will need to be paid by your estate. Remember to keep your will updated if you move, remarry, divorce, or experience any change in your life.
Name your beneficiaries.
Discuss your wishes with your family and beneficiaries. By letting others know what your plans are today, you can prevent misunderstandings after your passing. Consider implementing a legacy trust since it is more difficult to contest than a typical estate trust.
Article: Protect Your Assets With a Trust
Review your plan.
Your estate will change. Don’t assume that what you set up five years ago will be what’s best for your present estate. Money grows, investments change, you may downsize your housing needs—reassess your plan and make the changes in writing.
Article: What You Need to Know About Your Will
Choose your executor.
Who do you trust to carry out your wishes after your passing? Whether it’s a family member or friend, the executor needs to be someone that can handle the decisions and paperwork surrounding your passing and the probate of your estate. Pick a back up. Many of us tend to name our spouse, whose health may be failing along with our own. Be sure to name a second and discuss your plans with him or her. You don’t want to surprise someone with the responsibility of settling your estate.
Keep children in mind.
If you are raising minor children, make sure that you name a guardian who will care for them into adulthood. Establish how you want your children to inherit your estate, whether it’s through investments or through trusts. Choosing the guardian of your children is a very important decision. Be sure that whomever you name is aware and willing to take on the responsibility.
Explore trusts.
Setting up trusts can allow you to provide for your family and beneficiaries after you’re gone. Plus, they can be a good way to lessen the taxes on your estate. Talk over your planning and estate needs with a Financial Advisor to determine which plans will work best for your needs. You can provide an income to a surviving spouse and children, safeguard your assets until your children reach a set age or establish a trust for a charitable organization.
Benefits of a Trust
- Federal unified tax credit to leave assets tax-free
- Providing income to one beneficiary for his or her lifetime, and the balance to others after your passing
- Professional investment assistance and management
- Postponing estate taxes with property transfers
Types of Trusts
- Revocable Living
These trusts can protect your assets from the cost of probate and allows for private and seamless estate settlement, along with a backup should you become disabled.
- Testamentary
A testamentary trust provides a range of trust services to manage assets for your beneficiaries.
- Living
A living trust controls an individual’s estate assets during the life of the guarantor and minimizes tax cost.
- Irrevocable
This is a living trust that cannot be altered or terminated by the person who set up the trust during his or her lifetime.
- Charitable
A charitable trust allocates a portion of your assets to an organization of your choice, thereby reducing income, estate, and gift taxes.
Article: Give a Gift With Meaning and Worth
Article: Bring Charitable Giving Into Your Estate Plan
We offer a variety of insurance, investments, and trust services as well as products to help you make wise decisions. Contact a Wachovia Financial Advisor to help you reach sound decisions about banking, investing, insurance, and loan products.
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