Estate Planning

Estate Planning

We help you understand your family situation, the extent of your needs for estate planning. We work with you to protect your loved ones and assets to provide you with peace of mind. It is important to understand your family and business dynamics to plan best for your future generations and leave your legacy behind. Estate planning incorporates the following aspects:

  • Understanding your goals, issues, and concerns
  • Gathering personal information, reviewing the family tree, addressing issues such as prior marriages, citizenship, residence, health, Medicaid issues, distant relatives, and family dynamics.
  • Developing an inventory of your assets, real and intangible, and determining the value of those assets
  • Clarifying ownership of your assets and how they will pass through probate or other means
  • Collecting and reviewing your current planning documents including wills, trusts, powers of attorney, health care proxies, living wills, HIPAA release documents, and beneficiary forms
  • Analyzing the liquidity of your assets
  • Assessing the tax and estate planning ramifications your choice of beneficiary
  • Evaluating your estate tax and income tax issues
  • Planning strategies that meet your objectives and best benefit your tax situation


October 2, 2019Admin

Avoiding Required Minimum Distribution Mistakes

You’ve reached age 70 ½ and you know that you must take any required minimum distributions (RMDs) by April 1st of the year following this milestone. Better yet, perhaps you are in your early or mid-sixties, and want to plan ahead to get the maximum benefit of these rules. There are some common mistakes that are made. It may be best to do a detailed review of your situation to make sure all the requirements have been met. Remember that you can always take more than your RMD, but not less. Forgetting to take your RMD when required can result in a 50% penalty of the RMD amount from the IRS.

September 7, 2019Admin

The Importance of Beneficiary Reviews

IRAs are different from other assets. Company plan assets and insurance policies also are governed by different rules, and they must be considered separately from other assets. They generally pass by contract, and not under the provisions of your will. The beneficiary form usually supersedes other documents, so planning and administering these documents are key, especially when the majority of your assets are held in these accounts. These forms should be reviewed annually, and designations should be confirmed with all custodians to make sure their records correctly represent your wishes. Mistakes with beneficiary forms can be key in administering your estate, and your loved ones may suffer severe consequences if these forms are not in order upon your death. Many times, disasters have arisen when beneficiary forms have not been updated for critical lifetime events, such as marriage and divorce.