Posts Tagged ‘estate plan’

Estate Planning in Baltimore: A Brief Overview

Wednesday, May 1st, 2013

Estate planning is one of the most important parts of planning for the unexpected. Many people procrastinate about the decisions that need to be made about their estate and if one is unprepared, your beneficiaries may feel disenfranchised when it comes time to deal with your estate.

According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents, or death.

By definition, 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. But what estate planning means to you specifically depends on who you are.

Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you’ll need. Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal. Here, you’ll need to use more sophisticated techniques in your estate plan, such as a trust.

Here are a few estate planning tips from Safe Retirement Solutions:

  • Prepare a will – If you don’t prepare a will, the laws that govern your domicile will determine who inherits what. This is important for non-financial resources such as your prized possessions that relatives may want. Making a will can ensure that your possessions get inherited by the correct people.
  • Create a trust – A trust will make sure that your funds are allocated to cover specific expenses after you’ve passed on. Expenses such as funeral costs, school loans, house payments and any other bills that are overdue can be adequately planned and paid for using a trust.
  • Minimize the impact of Estate & Income Taxes – Using tax-efficient strategies can help curb the costs of estate and income taxes. Strategies such as giving your saved-up wealth as a gift to beneficiaries or leaving your taxable assets to charities are both great ways to minimize the effects of these taxes. Talking with your local Annapolis estate planning professionals at Safe Retirement Solutions can help you figure out ways to avoid heavy taxes.

 

If you’re ready to plan your estate, that’s where we come in. The financial advisors in Annapolis at Safe Retirement Solutions can help you develop a diversified portfolio to help you make the most of your investments. The Baltimore financial advisors at Safe Retirement Solutions can help you determine what steps to take to make sure your estate is properly taken care of, and provide alternative retirement savings guidance. To get started, call 877-268-4086 or visit our website today!

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What happens to an Estate without an Estate Plan?

Wednesday, July 11th, 2012

How important is it to have an estate plan? Well, consider what would happen to your estate if you didn’t have such a plan in place. Without an estate plan, important decisions regarding your property, medical and final arrangements, and more will be made without any input on your behalf.

  1. Doctors and family members will make medical decisions
  2. Family members will decide on your burial arrangements
  3. State laws will dictate the distribution of your assets

Shouldn’t you make the above decisions? Of course you should! So make sure you have the final say in matters involving your state. Make sure you have an estate plan in place!

Estate planning, by definition, is the process of managing and preserving your assets while you are living to conserve and control their distribution after your death. Estate planning allows you to dictate which beneficiaries receive which aspects of your property. This also allows you to save as much as possible on taxes, court costs, and attorney’s fees so your loved ones can mourn your loss without additional financial burdens and unnecessary red tape looming overhead.

Estate Plans and Safe Retirement Solutions

According to Good Morning America financial contributor, Mellody Hobson, more than 70 percent of adult Americans do not have any form of an estate plan legally filed. Don’t become another statistic; contact the financial advisers at Safe Retirement Solutions today to help protect your financial assets and estate in the future!

For more information about Estate Planning, Professional Financial Planning, or Financial Advice, consult the financial advisers at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

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Planning for your Future: The Importance of Estate Planning

Wednesday, April 25th, 2012

Amazingly, more than 70% of Americans have no form of estate plan legally filed. And without an estate plan in place, you lose all say about your property, medical and final arrangements should you pass away. Without an estate plan…

  • Attending doctors or the hospital will make medical decisions,
  • Your family members will decide on burial arrangements, and
  • State law will dictate the distribution of assets.

Estate planning is a process where an individual indicates in writing how his/her money and other property should be managed while he/she is living and after death. An estate plan also indicates what should happen in the event that an individual becomes mentally incapable of making financial or health-related decisions.

So take control of your life; draft an estate plan. It is actually easier than you may think. And enlisting the help of a professional financial consultant can make this process even easier.

For starters, ask yourself the following questions:

  • What are my assets and what is their approximate value?
  • Which people or organizations do I want to have these assets, and do I wish to give them up during my lifetime or after my death?
  • Who should manage these assets during my lifetime if I become unable to do so or after my death if management is needed?
  • Who should make decisions about my medical care and finances if I cannot make them?
  • After I die, do I want my remains to be donated, cremated, scattered, or buried?

These questions will help guide you through the estate planning process. Your estate plan will incorporate several documents – a will or a living trust, a durable power of attorney for finances and health care, and advanced medical directives – that will address the above questions.

For more information about Estate Plans, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Estate Plans Help Seniors Keep Control

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An Introduction to Estate Planning (Part I)

Wednesday, February 29th, 2012

Estate planning, by definition, is the process of managing and preserving your assets while you are living to conserve and control their distribution after your death. And, as you can imagine, each estate plan varies from individual to individual. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.

Below you will find estate-planning outlines for broad groups or individuals

Over 18 Years of Age

All adults should have the following:

  • A durable power of attorney: This allows you to select someone to manage your estate in the event that you become unable to do so.
  • An advanced medical directive: These come in three different types. (1) a living will, (2) a durable power of attorney for health care, and (3) a Do Not Resuscitate order.

 

Young and Single

  • A will: Without a will, your property would go to your parents

 

Unmarried Couples

  • A will: This is essential for any unmarried couple. Without a will, state law directs that only your closest relatives will inherit your property, and your partner may get nothing.

 

Married Couples

A new law passed in 2010 allows the executor of a deceased spouse’s estate to transfer any unused estate tax exclusion amount to the surviving spouse without the creation of a credit shelter trust. Still, credit shelter trusts have many advantages, including:

  • Portability may be lost if the surviving spouse remarries and is later widowed again
  • The trust can protect any appreciation of assets from estate tax at the second spouse’s death
  • The trust can provide protection of assets from the reach of the surviving spouse’s creditors
  • Portability does not apply to the generation-skipping transfer (GST) tax, so the trust may be needed to fully leverage the GST exemptions of both spouses
  • Portability will expire in 2013 unless Congress enacts further legislation

If you have any questions about what you have just read, or if you would like to know more about Estate Planning and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

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Conducting a Periodic Review of Your Estate Plan

Wednesday, February 8th, 2012

Your estate plan is successfully implemented. Now you are done, right? Wrong. There is still one critical step that remains: carrying out a periodic review and update. This is important because, let’s face it, life is not predictable. Things change. People retire, people get divorced, people move, people die, laws change, the stock market fluctuates, and much more! And each one of these individual circumstances can have a major impact on your estate.

A periodic review can give you peace of mind. And how often should you conduct a review of your estate plan?

Large Estates: Those of you with large estates should review your estate plan annually.

Small Estates: Those of you with smaller estates should review your estate plan every five years, minimum.

Major Life Events: Aside from the above recommended reviews, you should also look at your estate plan after any major life event, including:

•      Changes in estate valuation

•      Economic changes

•      Changes in occupation or employment

•      Changes in family situations

•      Changes in your closely held business interest

•      Changes in the estate plan

•      Major transactions

•      Changes in insurance coverage

•      Death of trustee/executor/guardian

•      Other important changes

If you have any questions about what you have just read, or if you would like to know more about trusts and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

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The Purpose of IRA Legacy Planning

Thursday, January 12th, 2012

Protecting and preserving your retirement savings is just one of the many crucial aspects that go into planning for retirement. If handled properly, an IRA can sustain you throughout retirement and provide a significant inheritance for your loved ones or favorite charity. If not handled properly, your beneficiaries could end up losing as much as 80% of your retirement savings to taxes.

There is a solution – IRA Legacy Planning.

This important retirement planning strategy helps secure how you will pass along your hard-earned savings. IRA Legacy Planning ensures that your IRAs and other qualified plans are properly incorporated into your estate plan.

Benefits of IRA Legacy Planning

•      Increase the extent and validity of your retirement savings

•      Minimize taxes on the transference of your retirement savings

•      Provide a significant inheritance for your loved ones

•      Ensure the “Stretch IRA”

•      Avoid common mistakes that could result in unnecessary taxes and loss of assets

•      Communicate instructions to beneficiaries upon your passing

If you have any questions about what you have just read, or if you would like to know more about IRA Legacy and retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

IRA Legacy Planning: Protecting Your Life Savings

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