Estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death, according to your goals and objectives. The transfer of wealth, minimization of taxes, asset protection, and charitable giving are some of the main topics of a well-developed estate plan.
Estate planning, however, is not a one-size-fits-all endeavor. Depending on circumstances, it can look very different from one person to the next. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your unique estate planning needs. For example, if you have a large estate, minimizing any potential estate tax very well could be your primary goal. In cases like this, you'll need to use more sophisticated techniques in your estate plan, such as a trust. Or, if you have a small estate, you may wish that certain people receive particular things. In this case, a simple will is probably all you'll need. Whether you are single, in a partnership or married, or whether your estate is simple or complex, you will need to develop a plan that addresses your specific needs and goals.
At Pradel Financial Group, we take a team-driven approach to estate planning. Working in tandem with your estate-planning attorney, our priority is to address the topics that are most pertinent to you and your needs, and develop solutions that work.
This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Investors should consult with a tax or legal professional regarding their individual situation.