Estate planning goes beyond determining who gets what after you are no longer here. While it certainly starts with preparing how you want to distribute your assets to loved ones, friends, and charities, it also includes how to do that in the most tax-efficient way possible. If you are a business owner, having a succession plan is also key to the process.
There are also some conceptual aspects, such as discussing the values you would like to impart on your heirs or creating a family narrative that provides a history for future generations.
Bear in mind that if you don’t control this process and pass away without a valid estate plan, any assets owned in your name and without a beneficiary designation will be distributed according to your state’s intestacy laws which may not align with your intentions.
Like most things in life, a legacy plan needs to be reviewed on a regular basis and updated as needed.
We at Sherwood Financial Group will work with you to help you through this process. Knowing you have a properly prepared plan in place – one that details your wishes and will protect your family – will give both you and your loved ones peace of mind. Consider it a gift to those you truly care about.
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