GarySpicuzza
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So just exactly where should one start their Financial/Retirement/Estate Planning?
Well friends and anonymouse enemies.....you start at The End.
Meaning The End of your life, AKA....... your death.
With that in mind what kind of a mess have you left for your spouse, children, parents or anyone else you care about who may have an interest in your Estate when you die?
My *SAFE guess is you have fragmented Estate Plans.
But what is Estate Planning?
Estate Planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.
Who does Estate Planning?
It can involve the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. This includes the services of a variety of professionals, including a lawyer, accountant, financial planner, insurance advisor, banker and broker.
In almost all cases it is an Insurance Agent who first educates clients in these matters, coordinates with an attorney for document preparation and advises the client on the wealth protection and transfer products available for their needs.
Some very basic concepts to understand is the fact there are only three ways to transfer assets upon death.
1) by Will, (has to go through Probate Court.)
2) by Contract, (i.e., a RevocableTrust, a business Buy-Sell Agreement, an Annuity Contract, a Life Insurance Policy, are all examples of "contracts" that DO NOT go through Probate Court. The proceeds of these contracts are paid directly to the named beneficiaries of the contract.
3) by Operation of Law, i.e., Joint Ownership or having no Will.
Additionally one must understand there are only four (4) ways to own any type of property. Everything you've ever owned in your life has been owned and held in one of four ways.
a) Sole Ownership,
b) Joint Ownership,
c) Corporate Ownership or
d) a Trust.
When you die your assets will be transferred to your heirs and beneficiaries by only one and/or a combination of three (3) methods:
1) No will, according to state law, through the Probate Court System.
2) With a will, through the Probate Court System.
3) Revocable Trust, directly to named beneficiaries, avoids Probate Court.
Lastly, the one singular fact of life regarding Estate Planning that one must consciously understand is..... ALL of the Probate Court problems and Federal Estate Tax problems manifest themselves when the second spouse dies.
The adult - children - heirs of elderly individuals often get caught in the "Probate Court System" because Mom or Dad failed to realize and understand when their spouse died they no longer owned their assets as Joint Owners. They now own the assets as an Individual Sole Owner and that form of ownership always triggers Probate Court at death.
*SAFE = Self Appointed Financial Expert
Well friends and anonymouse enemies.....you start at The End.
Meaning The End of your life, AKA....... your death.
With that in mind what kind of a mess have you left for your spouse, children, parents or anyone else you care about who may have an interest in your Estate when you die?
My *SAFE guess is you have fragmented Estate Plans.
But what is Estate Planning?
Estate Planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.
Who does Estate Planning?
It can involve the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. This includes the services of a variety of professionals, including a lawyer, accountant, financial planner, insurance advisor, banker and broker.
In almost all cases it is an Insurance Agent who first educates clients in these matters, coordinates with an attorney for document preparation and advises the client on the wealth protection and transfer products available for their needs.
Some very basic concepts to understand is the fact there are only three ways to transfer assets upon death.
1) by Will, (has to go through Probate Court.)
2) by Contract, (i.e., a RevocableTrust, a business Buy-Sell Agreement, an Annuity Contract, a Life Insurance Policy, are all examples of "contracts" that DO NOT go through Probate Court. The proceeds of these contracts are paid directly to the named beneficiaries of the contract.
3) by Operation of Law, i.e., Joint Ownership or having no Will.
Additionally one must understand there are only four (4) ways to own any type of property. Everything you've ever owned in your life has been owned and held in one of four ways.
a) Sole Ownership,
b) Joint Ownership,
c) Corporate Ownership or
d) a Trust.
When you die your assets will be transferred to your heirs and beneficiaries by only one and/or a combination of three (3) methods:
1) No will, according to state law, through the Probate Court System.
2) With a will, through the Probate Court System.
3) Revocable Trust, directly to named beneficiaries, avoids Probate Court.
Lastly, the one singular fact of life regarding Estate Planning that one must consciously understand is..... ALL of the Probate Court problems and Federal Estate Tax problems manifest themselves when the second spouse dies.
The adult - children - heirs of elderly individuals often get caught in the "Probate Court System" because Mom or Dad failed to realize and understand when their spouse died they no longer owned their assets as Joint Owners. They now own the assets as an Individual Sole Owner and that form of ownership always triggers Probate Court at death.
*SAFE = Self Appointed Financial Expert
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