Estate planning can be a taxing (pun intended) part of creating a comprehensive financial plan. You worked hard to accumulate your wealth, and you want to pass as much of it as possible to your beneficiaries.

Although estate planning can be complex, one of its primary goals is to help you make sure that your loved ones are taken care of into the future. That’s often why people choose to create trusts—legal structures that let you transfer assets to your beneficiaries while also reducing your estate tax liability. Not surprisingly, spouses are frequent beneficiaries of a trust.

The concept of an inheritance is well known—but "inheritance," as defined by people and by the law, can often be two very different things. Specializing in trust services, I’ve crafted estate-planning solutions for countless clients. A particular highlight for me is working with them on understanding the fundamental intricacies of inheritance. Let’s explore the process of passing on assets.

You've heard the adage, "It takes money to make money." That is very often true. Similarly, it takes income to pay income taxes. If you are in a position where you are offered deferred compensation, you may have the opportunity to pay less in income taxes and have more money when you need it the most.

There’s no one-size-fits-all approach to retirement planning because there’s no one-size-fits-all financial plan. No matter how close or far away retirement seems to you, there are decade-by-decade guidelines you can follow to make sure you’re working in the right direction. 20s — Lay the groundwork, and don’t hamstring yourself We know, you don’t want to hear it. Your 20s are about getting an education, settling into your career, and, yes, enjoying your young adulthood.

You’re almost ready to retire, finally in the home stretch. You can see the finish line, and once you get there, the rest of your life will be nothing but playing golf and sipping piña coladas. The rest is in your financial advisor’s hands. After all, they got you to this point. Why wouldn’t they be able to get you through it?

Trusts can play a crucial role in your estate planning strategy. They can reduce your taxable estate and allow you to determine how and where your assets will be transferred to your loved ones after you pass.

In This Article:

Overreliance, emotional strain, and long-term impacts to your own retirement plans… It can be difficult to prepare your children for the world AND prepare them for financial independence. Unfortunately, we have seen first-hand how our clients’ own plans for retirement can be negatively impacted when children remain financially tethered to their parents for too long.

Approaching retirement? Discover five essential financial planning steps to help you transition smoothly, avoid common pitfalls, and retire with confidence.