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Estate Planning
Have you thought about the end of your life and how to handle your assets after you’re gone? Estate planning covers a wide range of important topics, including financial power of attorney, health care proxy, beneficiaries, probate, wills, trusts, executors and estate and inheritance taxes.
Prepaid funerals are financial arrangements allowing individuals to plan and pay for their funeral services in advance. This proactive approach helps reduce the burden on loved ones during a time of grief, ensuring wishes are honored without added financial stress.
A living trust is a legal arrangement created during a person's lifetime to hold and manage their assets, providing control, flexibility, and the ability to avoid probate.
A Charitable Trust is a way to set up your assets to benefit you, your beneficiaries, and a charity — all at the same time. A charitable trust could offer many financial advantages for philanthropically minded individuals with nonessential assets, such as stocks or real estate.
A will is a legal document that outlines how a person's assets will be distributed after their death, while a trust is a legal arrangement where a trustee manages assets for the benefit of beneficiaries, with greater flexibility and potential tax benefits than a will.
A health care proxy specifically grants authority for someone to make health care decisions on your behalf, while a power of attorney grants authority for someone to handle your financial matters and make decisions on your behalf.
A spendthrift trust is a type of trust that helps protect assets for beneficiaries who may be prone to overspending or facing potential creditors, allowing a trustee to control withdrawals and safeguard the funds.
Estate tax is paid by the deceased person's estate on the net value of their assets, while inheritance tax is paid by beneficiaries on the assets they receive from the estate, with estate taxes going to the government and inheritance taxes going to state governments (in certain states).
A legal will, which must follow certain rules to be binding, is a document that states your final wishes for your money, property and any people under your care after you die.
A power of attorney is a legal arrangement where one person grants another person the authority to act on their behalf in making financial or medical decisions.
The generation-skipping transfer tax was created by Congress in 1976 to close a loophole that allowed individuals to avoid estate taxes. The tax applies to assets given to grandchildren, great-grandchildren, or any younger recipient that bypasses one generation and could trigger a tax liability even for establishing a trust.
Charitable giving could be beneficial to your mental — and financial — well-being. Learn more about the strategies available to help.
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