Broadly defined, estate planning is the process of developing and implementing a comprehensive plan for the effective and orderly disposition, during lifetime and at death, of one's entire estate. It is a process that begins during life and can continue long after death.
SPM is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. We want to arm you with the information you need to make an informed decision about your family's future.
If you have a well-drafted estate plan in place, you'll ensure that your estate passes to whom you want, when you want, and is carried out in the manner you've chosen. You can rest assured that your family won't have to endure the public process, time and costly matter of probate. The government won't be able to take what you've spent a lifetime building. But you need to be aware of the many options that exist in estate planning - and you must choose your attorney wisely. That is why SPM works with the most experienced attorneys who understand how to integrate your estate planning requirements into your overall wealth management plan.
Estate Planning is an organized plan for the:
- Creation
- Protection
- Preservation
- Management and Distribution of an Estate
A properly designed Estate Plan can accomplish the following:
- Avoid the lengthy time and high cost of probate.
- Provide instructions for health care and life support decisions.
- Keep personal and business affairs private and confidential.
- Ensure control of all property, including pensions and life insurance.
- Leave explicit instructions for the care of loved ones.
- Create protective trusts for young children, disadvantaged children, adult children, and grandchildren.
- Reduce or eliminate estate and gift taxes.
- Control when and how your heirs will receive their share of the assets
- Allow continuation or sale of your assets and business
Estate planning is by definition a ‘planning’ process. The first step in that process is to identify the assets contained in the estate. The second step is to determine the value of those assets, and the third step is to identify the heirs or other persons who will receive the estate, as well as the goals of the estate owner in making gifts or bequests.
Estate planning is a complex process which covers many areas including wills, trusts, insurance, investments, accounting, and business continuation. Estate, gift, and income taxes are critical issues which must be thoroughly understood. It is one of the most important areas of financial planning, and it is not unique to any economic class. Proper estate planning can influence the futures of spouses, children, grandchildren, favorite family members, and close friends. It can ensure their security and their prosperity.
Estate planning is about asset protection. After working and saving for most of your life, you will want to be sure that your accumulated estate will serve you and your family well throughout your retirement years. You will also want to pass on as much as possible to family members.
Estate planning takes time; it calls for a little time now or a lot of time later. Estate planning requires time to identify and accomplish goals that are personally important.
Estate planning is a means of using existing resources to create an environment for the present, as well as one that will extend beyond life. Estate planning represents the ability to share success. It permits the opportunity to control prosperity both during life and after death.
Estate planning is a commitment to others. An estate plan does not refer only to the estate. It is the family's future. In order to properly protect it, you need a qualified professional who respects your needs and understands your wishes. With the help of competent and professional advisors, you can comfortably establish a flexible estate plan. The plan can be changed at any time, depending on changing circumstances. You control every aspect of how your property will be used.
If there are substantial assets, making a long-term estate plan is not an option, it is a necessity. A well developed plan is one of the best gifts to leave loved ones because it contains some of the most important decisions made about their future and well being. The process of estate planning requires an understanding of how assets will pass at death, as well as how assets will be taxed at death. The earlier an estate plan is begun, the more choices you will have.
The greatest benefit of estate planning is the ability to name heirs, specify their shares of the estate, and dictate the manner and timing at which they receive their shares. However, the process is often complex. Estate planning will frequently raise issues involving such matters as the law of wills and trusts; valuation of assets; appropriate investments; accounting; business management; and estate, gift, and income taxes. Often it requires the assistance of lawyers, accountants, professional administrators, and others. As you can see an integrative and consultative provider such as SPM is going to be best equipped to ensure that your estate planning needs are met in a way that is convenient and competent.