Estate Planning

You’re most likely well aware of the Biden Administration’s plans to increase taxes on the wealthy, but one of those initiatives is not moving forward.

You need a strategic, customized plan to get yourself to retirement, but you also need a plan for what lies beyond.

Hopefully your estate plan includes the basic estate documents and beneficiaries, but here’s a look at why you might want to go deeper and be more descriptive with your wishes before your passing.

We are in the midst of our country’s biggest wealth transfer ever. Americans aged 70 and older now hold 27 percent of all U.S. wealth, and they’re beginning to pass it on.

As part of our Retire With Purpose planning framework, we believe tax efficiency should act as a common thread throughout your investments, and that includes within your estate plan. Some assets make more sense to utilize in retirement, while others are better passed down to a beneficiary or charity.

Think about all the valuable items you keep on your cell phone or computer. These might include photos, word doc files, or even cryptocurrency. Maybe you have a backup of these items on an external hard drive or in the cloud, but what happens if you’re no longer around to access those files?

You might have heard the term 'Tax Time Bomb' and its relation to your IRA, especially after the passage of the 2019 SECURE Act. If you're planning on leaving a legacy to loved ones in the way of your IRA, having control of how those lifelong savings are dispersed has become more complicated. Learn more about how utilizing a Charitable Remainder Trust (CRT) could help maximize the future inheritance for your heirs.

You may not have a ‘Black Sheep’ beneficiary, so to speak, but you could still have concerns about leaving a substantial legacy behind after you are gone.