[av_section min_height=’50’ min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=’#7bb0e7′ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=’https://www.thinkingbigfinancial.com/wp-content/uploads/2019/03/32885640_m-1-1500×630.jpg’ attachment=’4753′ attachment_size=’featured_large’ attach=’fixed’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_enable=’aviaTBoverlay_enable’ overlay_opacity=’0.7′ overlay_color=’#686868′ overlay_pattern=’custom’ overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-3uf529′]
[av_heading heading=’Estate Planning’ tag=’h1′ style=’blockquote modern-quote modern-centered’ size=’36’ subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=’custom-color-heading’ custom_font=’#ffffff’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-jtj9s68e’ admin_preview_bg=”][/av_heading]
[/av_section]
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_display=” av_uid=’av-zu36sh’]
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-jtond8fw’ admin_preview_bg=”]
What is Estate Planning? Why is it important?
The goal of estate planning is to document your wishes in the event that something happens to you (incapacity and/or death). Think of this process as advocating for yourself when you are unable to and also for protecting your loved ones. In the absence of formal estate plans, state law takes over and that can be especially troublesome if you don’t your state’s laws don’t align with your wishes! There are four essential documents that are part of a formal estate plan.
[/av_textblock]
[/av_one_full]
[av_one_fourth first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_display=” av_uid=’av-zu36sh’]
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-xf7m75′ admin_preview_bg=”]
Last Will & Testament
This document sets instructions about what will happen to your assets upon death and further instructions that you leave behind upon your passing. Some questions to consider:
- Who can be the executor and alternate executor for your will?
- What type of legacy do you want to leave? Do you have any specific objectives?
- To whom do I want to leave your assets and property? Do you have charitable wishes?
- Are there other family/friends you would like to include beyond immediate family members?
- If you have children, who would you like to appoint as guardian?
[/av_textblock]
[/av_one_fourth]
[av_one_fourth min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_display=” av_uid=’av-zu36sh’]
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-xf7m75′ admin_preview_bg=”]
Power of Attorney
This ensures that a loved one (an “agent”) can act on your behalf in financial and legal matters (write checks, sign documents, etc.) should you become incapacitated. This document does not enable an agent to make healthcare decisions on your behalf. If you don’t have a Power of Attorney in place, you will have to go through a legal process to get one after you are incapacitated.
- Who is that person that can reliably handle my affairs if I cannot on my own?
- If you have a partner that may be an obvious choice, but who is a good alternate?
[/av_textblock]
[/av_one_fourth]
[av_one_fourth min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_display=” av_uid=’av-zu36sh’]
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-xf7m75′ admin_preview_bg=”]
Living Will
This is a document crafted with instructions for the type of care you’d like to receive if you become terminally ill or permanently mentally incapacitated: that is, this document will lay out directions for your care if you are unable to do so.
- Are there any specific ways that you would like to be handled if you are terminally ill?
- Are there limits to your care you would like to impose? Would you like to be kept alive through artificial means? Would you like to be treated for pain?
- Do you have strong beliefs about how care should be administered?
- Would you like to be an organ donor?
[/av_textblock]
[/av_one_fourth]
[av_one_fourth min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_display=” av_uid=’av-zu36sh’]
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-xf7m75′ admin_preview_bg=”]
Health Care Proxy
A document appoints an agent someone to make healthcare decisions on your behalf. Similar to “power of attorney” only this is limited to health care. It ensures that the person you trust is the one making medical decisions on your behalf.
- Who can make medical decisions on your behalf and follow your wishes?
- If you have a partner that may be an obvious choice, but who is a good alternate?
[/av_textblock]
[/av_one_fourth]
[av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av_uid=’av-t0mli9′]
[av_heading tag=’h2′ padding=’10’ heading=’Some Common Questions About Estate Planning’ color=” style=’blockquote modern-quote modern-centered’ custom_font=” size=’30’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” margin=”][/av_heading]
[av_toggle_container initial=’0′ mode=’accordion’ sort=” styling=” colors=” font_color=” background_color=” border_color=” av_uid=’av-poflwh’]
[av_toggle title=’What is probate or “the probate process”?’ tags=” av_uid=’av-347o1m’]
It is the legal process through which will is validated and administered by a court, allowing for the wishes to be carried out by the executor. It takes time, legal advice and costs some money. It is also public.
[/av_toggle]
[av_toggle title=’Do I need a trust?’ tags=” av_uid=’av-57lknu’]
Maybe! There are many different types of trusts and the creation of a trust (either while living or at upon your death) is not solely about reducing a tax burden! Generally, a trust is used to:
- To avoid the probate process
- To protect minors or special needs loved ones, who need assets to benefit from, but cannot manage assets on their own
- Specifically direct how you would like your assets to be spent: given to charity, released to family members upon certain milestones or ages
- In the case of high net worth individuals/couples, the potential for tax efficiency
[/av_toggle]
[av_toggle title=’ Why is account/asset titling so important?’ tags=” av_uid=’av-2hxuay’]
Despite what a will documents, you need to ensure that whatever titling you have on your assets (e.g. beneficiary on a retirement account) is consistent with your wishes. Account titling supersedes what the will says!
[/av_toggle]
[av_toggle title=’I’m single, do I still need to do estate planning?’ tags=” av_uid=’av-3ns6p6′]
For those with estates worth more than $5 million, in the absence of estate planning, state law will dictate what happens to your assets upon death. Or doctors may make medical decisions on your behalf. If this is fine with you, then there isn’t a need per se.
[/av_toggle]
[av_toggle title=’I’m partnered, but not legally married, what are my rights? ‘ tags=” av_uid=’av-24enq2′]
Sadly, none. It doesn’t matter how long you have been together or cohabitating with a partner. If you are unmarried and have no estate plans, you have no legal rights. Estate planning can be particularly important in this situation.
[/av_toggle]
[/av_toggle_container]
[av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av_uid=”]
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-jtopeirp’ admin_preview_bg=”]
Thinking Big Financial, Inc. is not a law firm: this is not legal advice! As always, with estate planning, please consult with an attorney.
[/av_textblock]
[av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ admin_preview_bg=” av_uid=’av-d3evpd’]
[av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” id=” color=’main_color’ custom_bg=’#686868′ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_uid=’av-y4n0x’]
[av_two_third first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_display=” av_uid=’av-7qxftt’]
[av_heading heading=’Learn more about financial planning services.’ tag=’h4′ style=’blockquote modern-quote’ size=’34’ subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’6′ color=’custom-color-heading’ custom_font=’#ffffff’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-jtmwzsnz’ admin_preview_bg=”][/av_heading]
[/av_two_third][av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_display=” av_uid=’av-4lt2w1′]
[av_button_big label=’Book Consultation’ description_pos=’below’ link=’manually,https://calendly.com/thinkingbigfinancial/freeconsultation’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′ av_uid=’av-3093u9′][/av_button_big]
[/av_one_third]
[/av_section]