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

  • What Can the Best/Worst Stocks of 2021 Tell Us?

    What Can the Best/Worst Stocks of 2021 Tell Us?

    February 1, 2022
    The push is on to look for longer-term market trends that might shape the next few years. While many are happy to see 2021 in the rear-view mirror, the 2021 performance for the major U.S. indices was nothing short of impressive. Here’s a look at what the 5 best- and worst-performing stocks tell us, as well as some stock stories that appear to defy logic.
    Read this Article
  • Financial Wellness

    The Power of Financial Wellness

    January 17, 2025
    The New Year is a time for resolutions and new beginnings. Every January, local gyms are inundated with people looking to get fit. But by February, those same local gyms are ghost towns. The challenge: Self-improvement requires new habits, not just resolutions, and it extends beyond our health. As we embark on a new year. Let's […]
    Read this Article
  • Strong Valley Wealth & Pension Mid-Quarter Round Table Highlights

    Podcast Highlight - What can we do to be prepared?

    June 23, 2023
    With the news focused on the impending recession, is there something that can be done to prepare without responding in panic and making poor decisions. The team gives examples of why a financial plan is so important.
    Read this Article
  • Investing Can Feel Turbulent

    Investing Can Feel Turbulent

    September 20, 2022
    After a big July for stocks, August was a bit disappointing at -4.1% even though historically the average return after “best months” is 1.1%. This month’s Student of the Market looks at those type of U.S. Stock Market ups and downs from a historical point of view, offering some relief to turbulent feelings by looking at the big picture.
    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