Estate Planning



You weren’t born knowing estate planning and neither was I . . .

In fact, we all know income taxes because we have to pay them every year.  We become familiar with income tax concepts.  Estate ownership—asset planning for eventual distribution—is another thing we have to do without having the right background education. Suddenly, one day when you have some assets and maybe some children, you are expected to know how to go about planning your wills, trusts and other basic tools, let alone undertaking some serious estate tax planning to preserve what you built for your heirs.  It is, though, an important part of our business and we educate our clients with crystal clear concepts so THEY can choose what is right for them and their families.

You are already familiar with basic concepts of estate planning—but have you done it?  Maybe have your living trust set up, along with health care powers.  We find far too many clients have no adequate estate plans.  And worse, many who have a living trust have no idea how it might relate to their business and investment lifetime planning.

If you have done your estate planning, how long has it been since you checked it for current laws and family situation?  Asset Sentry believes you should follow the 3 F’s to review your estate planning documents.  Any changes in the following should trigger a review:

Family
Finances
“Friendly” government (especially tax law changes)

When any of these situations changes, check your documents, change your plan.

Asset Sentry works specifically with clients of wealth or those establishing their wealth, to coordinate their business holdings, their real estate investments, and their family needs.

You absolutely must have the Cornerstone Estate Plan in place.  That is, your will, a living trust, a durable power for management of your financial affairs (while you are alive but incapable of managing financial affairs yourself), and a health care power that permits someone else to act on your behalf when you cannot make medical decisions on your own.

Beyond that, if you own substantial assets, you need to understand the tools of more advanced estate planning and how to avoid or reduce estate taxes completely.  Request our article on the Seven Secrets of Estate Tax Planning.

Asset Sentry can assist you in coordinating your investment protection and your estate plan for a dynamic working combination.  Lynda L. Sands.  LLS@assetsentrylegal.com.  858-750-3410.