Our site uses cookies to improve your visitor experience. By browsing our website, you agree to the use of cookies and agree to our privacy policy.
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.
Estate planning for elderly parents helps manage assets and health directives, ensuring their wishes are honored and legacy protected while reducing family disputes and helping secure financial stability.
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, established in 1976, applies to assets passed to grandchildren or younger recipients, potentially triggering tax liability when bypassing a generation, even through a trust.
Charitable giving could be beneficial to your mental — and financial — well-being. Learn more about the strategies available to help.
0
Loading
at
is typing...
Ready to Continue?
You have clicked a link to access information on an external website, so you will be leaving westernsouthern.com.
When you select a link to an external website, you are subject to the privacy, copyright, security, and information quality policies of that website. The Western & Southern Financial Group:
DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked website;
DOES NOT endorse linked websites, the views they express, or the products/services they offer;
CANNOT authorize the use of copyrighted materials contained in linked websites;
IS NOT responsible for transmissions users receive from linked websites;
DOES NOT guarantee that outside websites comply with the accessibility requirements of Americans with Disabilities Act.
