Estate Planning: Build a Legacy That Lasts 

No. We are not lawyers and cannot draft legal documents. However, we can help you prepare and organize your thoughts before meeting with a legal professional. 

Estate planning involves making arrangements for the management and disposal of your estate during your life and after death. 

It ensures that your assets are distributed according to your wishes, minimizes taxes, and provides for your loved ones. 

A Financial Planner can assist with your Estate Planning in several ways. They can provide strategies to reduce probate costs, ensuring that your assets are transferred smoothly and efficiently. They can also offer insurance solutions to enhance the value of your estate, making sure that your loved ones are well taken care of. Additionally, they can suggest innovative estate settlement approaches to simplify the process. Lastly, they can help you make tax-efficient charitable contributions, allowing you to support causes you care about while minimizing your tax burden. 

Segregated funds are investment portfolios offered by insurance companies. They allow you to name beneficiaries directly, bypassing probate and offering guarantees and potential creditor protection[1]. 

Charitable giving can be structured to maximize tax credits and reduce estate taxes. We can help you align your philanthropic goals with your financial plan[2]. 

Charitable Bequests: You can include donations to charities in your will. This allows you to specify a particular amount or a percentage of your estate to be given to a charity of your choice. You can also donate appreciated investments to avoid having to pay tax on the taxable gains.  

2. Donor Advised Funds: Setting up a Donor Advised Fund is like establishing your own personal foundation, but without all the administrative headaches. This allows you to provide ongoing support to your chosen charities and create a lasting legacy. 

3. Beneficiary Designations: You can name a charity as a beneficiary of your life insurance or investment accounts. This is a straightforward way to ensure that a portion of your assets goes to a charitable cause. 

These options not only support causes you care about but can also provide tax benefits and help minimize your estate taxes. See more details and options on our Charitable Giving page. 

Your plan should include legal documents, financial summaries, digital asset access, funeral preferences, and personal touches like letters or keepsakes. Our checklist and organizers will guide you through the process.  

Here are some tips to simplify the role of an executor: 

1. Organize Documents: Keep all important documents, such as the will, insurance policies, and financial statements, in one place. This will help the executor quickly locate everything they need. 

2. Communicate Clearly: Provide clear instructions and communicate your wishes to your executor. This ensures that they understand your intentions and can carry them out accurately. It is also wise to talk to your executor about your wishes. 

Seek Professional Help: Encourage your executor to seek professional help, such as legal or financial advice, if needed. This can help them navigate complex situations and make informed decisions 

The compensation for an executor can vary depending on the jurisdiction and the complexity of the estate. Generally, executors are entitled to a fee for their services, which can be a percentage of the estate’s value or a flat fee. This fee is often in the 2-5% range, and can be specified in the will. Executors can also be reimbursed for any out-of-pocket expenses incurred while managing the estate. The executor fee is a taxable benefit, unless it is left as a bequest in the will or as a beneficiary designation in a Segregated fund.