Broker Check

Estate planning

Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. When there isn’t an estate plan in place, attorneys or state officials can make important decisions on your behalf. The state could decide who will care for your minor children. Disputes could arise between your loved ones. Taxes and legal fees could eat away at your estate, and distribution of your assets could be delayed at a time when your heirs need them most.

To avoid all of this, no matter what your age or estate size, it is important to develop an estate plan. Some of the major estate planning tasks include:

  • Creating a will and or trust
  • Limiting estate taxes by setting up trust accounts in the name of beneficiaries
  • Establishing a guardian for living dependents
  • Naming an executor of the estate to oversee the terms of the will
  • Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
  • Setting up funeral arrangements
  • Establishing annual gifting to reduce the taxable estate
  • Setting up durable power of attorney (POA) to direct other assets and investments

Additional estate and legacy planning tasks should include discussions with the next generation, the financial advisor, and the client to ensure that the family’s wealth transfer happens smoothly. The Granite Wealth team is experienced is leading these delicate discussions to ensure that these important decisions are handled appropriately. Contact the Granite team to learn how to take your 401K with you.