Setting the Expectation for Estate Planning
Paragon Private Wealth Group™ work with your estate plan to ensure your accounts align with your wishes. In many cases we are able to expedite distributions and remove them from a timely probate process. This is done through proper beneficiary designations for liquid assets while leaving the will to cover mainly your hard assets; i.e. house, car, jewelry, etc.
Setting the Expectation for Estate Planning
Paragon Private Wealth Group work with your estate plan to ensure your accounts align with your wishes. In many cases we are able to expedite distributions and remove them from a timely probate process. This is done through proper beneficiary designations for liquid assets while leaving the will to cover mainly your hard assets; i.e. house, car, jewelry, etc.
What is Estate Planning?
Estate planning is the process of deciding how your assets will be distributed after your death. Essentially it is choosing heirs for your estate.
Anything and everything that you own will be included in your estate. This includes everything from actual property to investments that you currently own. By setting up an estate plan, you’re ensuring that your assets are distributed to your loved ones instead of the IRS or a probate lawyer.
There is a lot more that goes into estate planning than just creating a will. Estate planning also entails assigning a power of attorney and healthcare proxy to make decisions on your behalf, making trusts, choosing guardians for dependents, appointing or updating beneficiaries on retirement accounts and life insurance plans, preparing funeral arrangements, as well as preparing for estate taxes.
By preparing an estate plan that covers all of these outliers, you can create a sense of security for your loved ones. Keep in mind that estate planning entails far more than just creating a will.
With continually evolving requirements on retirement plans, we begin by taking a step back. Retirement plans can be utilized not only to provide benefits, but can be structured several ways to accomplish goals. These may be retaining talent, compensation plans for executives, or lowering taxable income. Finally, our added transparency and fiduciary relationship ensures our clients do not take on unnecessary risk.
What is Estate Planning?
Estate planning is the process of deciding how your assets will be distributed after your death. Essentially it is choosing heirs for your estate.
Anything and everything that you own will be included in your estate. This includes everything from actual property to investments that you currently own. By setting up an estate plan, you’re ensuring that your assets are distributed to your loved ones instead of the IRS or a probate lawyer.
There is a lot more that goes into estate planning than just creating a will. Estate planning also entails assigning a power of attorney and healthcare proxy to make decisions on your behalf, making trusts, choosing guardians for dependents, appointing or updating beneficiaries on retirement accounts and life insurance plans, preparing funeral arrangements, as well as preparing for estate taxes.
By preparing an estate plan that covers all of these outliers, you can create a sense of security for your loved ones. Keep in mind that estate planning entails far more than just creating a will.
With continually evolving requirements on retirement plans, we begin by taking a step back. Retirement plans can be utilized not only to provide benefits, but can be structured several ways to accomplish goals. These may be retaining talent, compensation plans for executives, or lowering taxable income. Finally, our added transparency and fiduciary relationship ensures our clients do not take on unnecessary risk.
Benefits of Estate Planning
Protect Your Beneficiaries
Beneficiaries will be protected and cause less of a mess for your family is one of the great advantages to having an Estate Plan. By having a plan in place you can ensure there are no family feuds on who gets what and every asset goes to who you would like.
Eliminate or Reduce Estate Taxes
Certain plans can help eliminate or reduce estate taxes. One such way is an irrevocable trust which will eventually transfer to your beneficiaries or charitable donations you had previously decided.
Establish an Ongoing Legacy
You can establish an ongoing legacy through Estate Planning by using different types of trusts to help future generations. Whether it’s for your family or the community, there are several ways to ensure you leave the legacy you want through your trust.
Protect Your Assets
By preparing an Estate Plan in advance you can actually help protect your assets. For example, if you go through a lawsuit or even a divorce an Estate Plan can help protect your assets through that process.
Benefits of Estate Planning
Protect Your Beneficiaries
Beneficiaries will be protected and cause less of a mess for your family is one of the great advantages to having an Estate Plan. By having a plan in place you can ensure there are no family feuds on who gets what and every asset goes to who you would like.
Eliminate or Reduce Estate Taxes
Certain plans can help eliminate or reduce estate taxes. One such way is an irrevocable trust which will eventually transfer to your beneficiaries or charitable donations you had previously decided.
Establish an Ongoing Legacy
You can establish an ongoing legacy through Estate Planning by using different types of trusts to help future generations. Whether it’s for your family or the community, there are several ways to ensure you leave the legacy you want through your trust.
Protect Your Assets
By preparing an Estate Plan in advance you can actually help protect your assets. For example, if you go through a lawsuit or even a divorce an Estate Plan can help protect your assets through that process.
FAQ’s Regarding Small Business Planning
By having an Estate Plan, you ensure that you decide who benefits from your estate. It prevents the estate from being destroyed by taxes enforced on the transfer of assets at death.
Your estate includes anything and everything that you own. This includes everything from your house, to your car, to your bank accounts. Anything that is legally tied to you would be included in your “estate”.
A trust is a written document that puts your assets into a trust for your benefit during your lifetime and that allows for the transition of those assets to a specified group or individual upon your death. One of the main benefits of a trust is that it doesn’t require probate. Another great benefit to a trust is it provides financial stability for your beneficiaries. Trusts tend to offer more privacy than what a will offers and can be designated as confidential.
Yes, you can leave money to a charity of your choosing. It’s important to work with your advisor though as there are certain taxes and exemptions that will be applied to your donation.
This is at the discretion of the individual in charge of the account. We recommend making adjustments anytime a major life event (starting a business, a wedding or divorce, children or grandchildren, etc.) occurs and you need to make an adjustment to your will or trust.
FAQ’s Regarding Small Business Planning
By having an Estate Plan, you ensure that you decide who benefits from your estate. It prevents the estate from being destroyed by taxes enforced on the transfer of assets at death.
Your estate includes anything and everything that you own. This includes everything from your house, to your car, to your bank accounts. Anything that is legally tied to you would be included in your “estate”.
A trust is a written document that puts your assets into a trust for your benefit during your lifetime and that allows for the transition of those assets to a specified group or individual upon your death. One of the main benefits of a trust is that it doesn’t require probate. Another great benefit to a trust is it provides financial stability for your beneficiaries. Trusts tend to offer more privacy than what a will offers and can be designated as confidential.
Yes, you can leave money to a charity of your choosing. It’s important to work with your advisor though as there are certain taxes and exemptions that will be applied to your donation.
This is at the discretion of the individual in charge of the account. We recommend making adjustments anytime a major life event (starting a business, a wedding or divorce, children or grandchildren, etc.) occurs and you need to make an adjustment to your will or trust.
