Important Note

You are now leaving the Strong Valley Wealth & Pension, LLC ("Strong Valley") website. By clicking on the "Schwab Alliance Access" link below you will be entering the Charles Schwab & Co., Inc. (“Schwab”) Website. Schwab is a registered broker-dealer, and is not affiliated with Strong Valley or any advisor(s) whose name(s) appears on this Website. Strong Valley is/are independently owned and operated. Schwab neither endorses nor recommends Strong Valley. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Strong Valley under which Schwab provides Strong Valley with services related to your account. Schwab does not review the Strong Valley website(s), and makes no representation regarding the content of the Website(s). The information contained in the Strong Valley website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.

Article

No Matter Who Becomes President

Estate planning isn’t just for the affluent or depend on who is President. A properly structured estate plan is necessary if you wish to direct the distribution of your assets during your lifetime and after your death, as well as choose guardianship for your dependents.

October 3, 2024
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

Many people postpone the planning of their estates because they assume that estate planning is only for the affluent. Others may think that estate planning is similar to tax planning, which can always be done “later.” In some cases, estate planning may be put on the back burner because it is a reminder of one’s own mortality.

But, a properly structured estate plan is necessary if you wish to direct the distribution of your assets during your lifetime and after your death, as well as choose guardians for your minor children or plan future care for other dependents.

Getting Started

First, start thinking about assembling your professional estate planning team. This initial step may be difficult due to having to share your personal thoughts, fears, wishes, and financial information with others. Therefore, it can be helpful to start with your trusted financial advisor. Certainly, your attorney will play an instrumental role in preparing any necessary legal documents. Generally, the size and complexity of your estate will dictate the complexity of the estate planning team and process.

Initially, your estate planning team will focus on your current financial status to better assess where you stand today in order to optimally plan for the future. Consequently, you will need to gather all the necessary documents detailing current and future income, property ownership, insurance, and established legal arrangements.

Gathering Documents

The following list contains some of the information you will be asked to provide:

  • Current income from employment and all investments.
  • Investment documents, certificates, statements, passbooks, etc.
  • All retirement benefits: Social Security (including survivors’ benefits), Individual Retirement Accounts (IRAs), defined benefit (pension) and defined contribution (401(k) or other workplace retirement) plans.
  • Any expected deferred compensation.
  • Deeds to primary and secondary residences.
  • Life insurance policies in which you are the owner, the insured, or the beneficiary.
  • A list of all personal property.
  • Current and anticipated debts and obligations, including mortgage and loan balances, real estate liens, tax liability, consumer debts, and estimates of funeral costs and estate settlement expenses.
  • Your will, if you have one.
  • Trust agreements, if any.

A complete analysis can begin once you have gathered this information, which will allow you to take a closer look at your family’s needs. You may want to consider the following questions:

  • How will your family’s overall cost-of-living change in the years ahead?
  • Who will take care of your minor children if something happens to you?
  • Who will make medical and financial decisions on your behalf if you become incapacitated due to illness or injury?
  • What are the projected educational expenses for your children?
  • Is there a family member who needs special care or medical attention?
  • How will estate taxes affect your assets?

Keep an Open Mind

The careful planning of an estate requires you to share personal and financial information with one or more professional advisors. This information provides your estate planning team with the necessary tools to design an estate plan that will help to fulfill your specific goals and wishes for asset control and distribution.

Once you have created your estate plan, remember, as your circumstances change over time, your estate plan may need to change, as well.

Regular reviews can help ensure that your estate plan is on track to meet your current and future objectives.

Other content you may like

  • Examining Your Ghosts of Christmas Past

    Examining Your Ghosts of Christmas Past

    December 15, 2023
    Analyzing your past financial decisions is essential to changing behaviors. Once you take that difficult but transformational journey into the past, you can begin to see reality with new clarity through the help of others. Take a lesson from Scrooge’s transformation.
    Read this Article
  • Giving Thanks for Frustrations and Obstacles

    Giving Thanks for Frustrations and Obstacles

    November 16, 2023
    There are many challenges in our world, on a large-scale and in our own personal lives. Gratitude makes us focus and turn our negatives into positives. We actually grow and learn from challenges. Some of the best things in life grew out of a negative circumstance. This Thanksgiving, consider this powerful emotion called gratitude.
    Read this Article
  • How to Keep Your Financial Accounts & Assets Neatly Organized

    How to Keep Your Financial Accounts & Assets Neatly Organized

    January 31, 2023
    Don’t let disorganization become one of your biggest money problems. Having information on your accounts and assets organized, updated and shared helps with those unexpected interruptions in life that we all experience. It will be well worth the effort you put in today - for you and the people you love.
    Read this Article
  • Mid-Quarter Roundtable Highlights

    Podcast Highlight - Answering Client Questions: Is this a good time to be buying?

    December 10, 2022
    For anyone who is trying to time the market or is even considering it, the team gives some great information that clarifies the process. They also talk about cash and how it relates to higher interest rates and a recession.
    Read this Article
    • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    No, stay on StrongValley.comContinue to link
    phone-handset