Estate Planning
YOU'VE WORKED HARD FOR WHAT YOU HAVE SO, LET'S MAKE SURE THAT IT GOES TO WHOM YOU WANT!
I have a will. Isn't that enough?
Sometimes the only thing worse than not having a will is only having a will.
A will has to be probated. While some states make it easier than others, it is important that you understand the process.
- Probate is the re-registration of your assets from you to your heirs.
- Your information (what you leave and to whom you leave it) becomes public knowledge.
- Your heirs will have to engage an attorney.
- The attorney will have to present your desires (last will and testament) to the court.
Why and when would I want to consider the usage of a living trust?
- A living trust is not only for planning the outcome of your finances for after your death; it is a tool that can protect you while you are living.
- When properly executed, a living trust can be instrumental in protecting your estate from and/or minimization of taxation at your death.
- A trust can become "irrevocable" to help protect your assets in case of your incapacitation.
- A living trust can be a great planning tool for second or late in life marriages. It can also be useful in "her kids, his kids and our kids survivorship planning.
I have a child with special needs. Is there any way that I can make plans for their care should they survive me?
- With proper planning; provisions can be made within your will or trust that can provide for the "Special Needs" of your surviving child without interruptions to their government benefits.
- Any relatives who may want to leave assets for the care of your special needs child should be aware of any trust planning you do.
- Planning can be done to meet special needs while you're alive also.
While there are many, following are a few other legal tools that you may want to consider:
- Durable Powers of Attorney
- Living Will
- Pour over will
- Surrogate Health Care
OUR COACHES STAND READY TO ASSIST YOU IN LAYING OUT A VERY COMPREHENSIVE PLAN FOR WHATEVER YOUR NEEDS ARE*
*You will need to seek the assistance of an attorney or another legal venue for the actual drafting of whatever documents that you and your coach decide are suitable for your needs.
*LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.