Here's what should be considered in your Estate Plan

---

Estate planning should involve more than just preparing your documents. Your estate plan should be influenced by your financial needs and abilities, your family dynamics and your estate planning goals and objectives. This is why every estate plan should be unique.

 Your ESTATE is the general term for all the assets you will accumulate. As such, your estate plan should start with your ESTATE. A financial plan helps you understand the true potential of your estate, which will help you set goals for your estate plan and maximize your legacy. 

There are flaws in many traditional estate plans which could put your kids at risk during a time that may already be traumatic for them. Ensure your children, and the money you leave behind for them, are taken care of by the people you want, in the way that you want.

Your retirement needs will have a significant impact on the ability of your estate. As such, your estate planning should include a well-thought-out retirement plan. Proper planning aligns your assets with your retirement needs and your estate planning goals. 

Multiple studies have found that nearly 70% of the time, family assets are depleted when those assets are transferred from one generation to the next - often times within the first two years. Your plan can/should protect your wealth for generations to come.

Supporting charitable causes is important to many of us. You should understand your gifting options, so you can achieve your charitable goals of supporting the causes you are passionate about while maximizing the tax benefits, which increases your giving abilities

Fulfilling the estate planning needs of business owners often involves a well-structured succession plan. 

Your planner should understand the entire business succession planning process and help you create a succession plan that aligns with your estate planning goals. 

 According to the American Bar Association, less than 1% of attorneys across the country specialize in asset protection. Your planner should evaluate your risk and create a plan that leverages the appropriate strategies needed to protect your assets.

 Planning for generational wealth combines several elements of a comprehensive planning process, including estate planning, financial planning, retirement planning, wealth transfer planning, asset protection planning and often, trust and estate management. 

A lot can happen in a year. Over time, your life will change; so will the laws. Annual meetings helps you get timely recommendations and ongoing financial guidance on managing your estate in a way that balances your lifetime needs with your estate planning goals. 

  Once you become incapacitated or pass away, your loved ones may need help managing and settling your estate. It can be a complicated process in California. Make sure they have access to the appropriate legal support and financial guidance when they need it.

 There are professional fiduciaries who can help administer your trust and settle your estate. We can recommend licensed fiduciaries who are experienced trust and estate professionals w/ a reputation for providing exceptional service in an efficient, caring manner.