Retirement Planning

Estate Planning

ESTATE PLANNING IS A JOURNEY, NOT A ONE-TIME THING

You have worked hard to create a secure and comfortable lifestyle for your family and loved ones. Now is the time to take the necessary steps to protect their financial security after your death, and to preserve your estate and legacy for generations to come.

Without proper planning your assets could be distributed according to state and federal laws when you die. If you have minor children, a guardian would be appointed by the court without regard for your personal wishes.

What is Estate Planning?

Estate planning is a process that includes making choices about how your estate and personal affairs will be administered in the event of your death or disability. It involves deciding how and to whom you would like your assets distributed at death, while also incorporating strategies to minimize the impact of income taxes, estate taxes and, other estate settlement costs on the value of your estate.

Many of our clients believe the true wealth they leave behind is more than just the value of their estate – it’s the stories of their lives, the lessons they have learned, their values, and family heritage. Many believe these are the things that matter most and represent the real wealth they are able to leave for others.

Estate plans are documents that gather your thoughts and clarify your intentions for your future, and the future of the people you care about. A good estate plan can ensure your family’s financial needs will be met and your estate will be distributed to the people and organizations you want in the least costly and most efficient manner.

A good estate plan also addresses key life decisions 
such as naming a guardian for your minor children, and appointing someone to manage your finances and healthcare choices when you are unable to do so yourself. 

Estate planning is an ongoing process.
As tax laws change and as life situations evolve, it’s important to revisit your estate plan regularly.

  • You are remembered the way you want to be remembered
  • Those that depend on you have the resources they need to carry on
  • Estate & income taxes and other transfer costs are minimized
  • You avoid the unnecessary delays and expenses of probate
  • Your estate is distributed to your beneficiaries in the manner in which you intended
  • You are able to name a guardian(s) for your minor children
  • If you become incapacitated, it’s clear how and by whom your personal care and finances will be managed and
  • how health care decisions will be made

Common Estate Planning Tools

  • A Will

    This document serves as the foundation of your estate plan. It allows you to specify who you want to inherit assets you own individually. Your will can also establish who the executors of your estate will be, and who will act as guardians for your minor children.

  • Living Will / Health Care Proxy

    An advance directive that lets you describe the type and extent of medical treatment that you prefer to receive in the event you are unable to speak for yourself due to

  • Durable Power of Attorney

    A valuable document that allows you to authorize one or more persons to handle your personal affairs, if you were incapacitated and not competent to make those decisions yourself. This includes paying bills, cashing checks, and other legal and administrative matters.

  • Trusts

    Used for a variety of purposes, trusts can be created and funded during your lifetime (inter vivos trusts) or at death (testamentary trusts).Some of the primary purposes for utilizing trusts include:

    • Avoiding Probate
    • Asset Protection
    • Managing Assets
    • Protecting Your Privacy
    • Tax Planning
    • Providing for a Family Member with Special Needs
    • Provide for Multiple Beneficiaries
    • Manage and hold assets for beneficiaries who are minors

     Common Types of Trusts

    • Living Trust
    • Irrevocable Trust
    • Irrevocable Life Insurance Trust (ILIT)
    • Qualified Personal Residence Trust(QPRT)
    • Grantor Retained Annuity Trust (GRAT)
    • Dynasty Trust
    • Realty Trust
    • Special Needs Trust
    • Charitable Remainder Trust

Mintco Financial advisors approach your unique wealth transfer and estate planning needs with creativity, sophistication, and care. Our financial advisors are uniquely qualified to help you with your estate planning needs, whether your goal is to minimize estate and gift taxes, successfully transfer the family business to the next generation, or to leave a legacy behind for your family or favorite charity. 

As a key member of your Estate Planning Team, your Mintco Financial Financial Advisor can work with you and your tax and legal advisors to help determine which estate planning strategies are best suited for your specific situation. Through this team approach, we can help you design and implement a comprehensive personal estate and wealth transfer plan that will help preserve your hard earned assets, while enhancing and protecting your family’s future for generations to come. 

Contact us today to discuss your specific estate planning goals and objectives. We look forward to sharing our experience with you.

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