If you’re like most people, you may think estate planning means simply getting your will done.
But will preparation is only part of estate planning, and leaving it at that can impose severe implications for those you leave behind.
A simple will that merely splits your assets amongst your surviving spouse and/or children fails to establish special structures that can potentially save your family thousands of dollars in tax every year. Further, a simple will provides no asset protection for your surviving spouse or children, and it doesn’t take into account your changing circumstances.
Done properly, estate planning overcomes these limitations.
At 5 Financial, estate planning involves a detailed review of your personal and business affairs and asset-holding structures. This review enables our estate planner to create a modern solution that helps you preserve, protect and pass on your hard-earned wealth to your intended beneficiaries.
This is done in a way so as to provide substantial ongoing tax savings every year to your loved ones. It can also help shield your spouse and children from frivolous law suits and claims from business creditors.
Further, estate planning provides a high level of flexibility in your legal structures to enable your family to adjust to their new circumstances after your death. This flexibility even extends to the structures being able to adapt to new laws and regulations.
We encourage you to talk to us today to arrange an initial meeting to see how we can help you protect your family and your future generation’s wealth.