Estate Planning

An Important Gift For Your Family

What is Estate Planning?

The definition of estate planning is literally the process of arranging the transfer of an estate after a death. When put in that light, estate planning seems pretty dismal. Planning for your possible incapacity or eventual death can be scary to think about. It’s no wonder many people dread thinking about estate planning and postpone creating wills, trusts, powers of attorney and other important documents.

Why is Estate Planning Important?

At The Enrichment Group, we have a completely different outlook on estate planning. To us, an estate plan is one of the most important gifts you can give your family and future heirs. It’s a way to tell your family you love and care for them, even after you’re gone.

A thoughtfully designed and completely executed estate plan could protect your family in some or all of the following ways:

  • Eliminate uncertainties about the administration of probate, or avoid probate entirely
  • Make sure your assets go where you want them to go
  • Designate who will take control if you are incapacitated
  • Protect young heirs from guardianships
  • Maximize the value of your estate
  • Reduce estate, income and capital gains taxes
  • Help protect inherited assets from lawsuits, divorce, creditors and other claims
  • Protect your privacy

The best estate plans are designed to provide you with peace of mind about the management of your assets and the protection of your family’s future.

What is Included in an Estate Plan?

At The Enrichment Group, as you create and implement your Enrichment Plan, your personal financial planner will provide important life advice about estate planning. Planners at The Enrichment Group are not attorneys and do not provide legal advice, but they will collaborate with you, your family, your attorney and your tax advisor. You and your team will create an estate plan designed to protect you and your family.

To implement your estate plan, your attorney may recommend some or all of the following documents or services:

  • Living Will
  • Final Will and Testament
  • Trusts
  • Beneficiary Designations
  • Durable Powers of Attorney
  • Health Care Powers and Living Will
  • Property Titling
  • Tax Planning
  • Charitable Contributions or Charitable Bequests

When Should I Consider Creating an Estate Plan?

Estate plans should not be postponed, even if you are young and healthy. Estate plans can protect single people, married couples, families and retirees. At the bare minimum, regardless of your net worth, you should create an estate plan as soon as you have a dependent or your first child.