You have an Estate Plan, now what?
Congratulations! You have taken the steps to create an Estate Plan. You’ve
documented your wishes on what to do with your assets, who they will go
to, and when they will be dispersed. The next step in this process is
to take a look at your financial plan. Long-term care and insurance can
be costly, and it’s important to consider how such necessities will
be funded. Additionally, it is important to make a list of current debts,
so that your loved ones can make good decisions regarding your finances
in the event they are needed to manage them.
Assemble a Debt List
A debt list is a way to track non-physical assets. This should include
debts ranging from your mortgage to car loans and credit card debt. Make
a list of account numbers, balances, and due dates. Without such information,
it may be hard for your beneficiaries to finalize your finances after
your passing, and incurring unknown fees and charges that can significantly
diminish your estate. Also, be sure to send a list to your estate plan
Review Retirement & Savings Accounts
Tax shelters are a common financial tool used to fund an estate plan and
end-of-life care. Some examples of this type of financial tool are 401(k)
accounts, IRAs, and 529 college savings accounts. Each of these tools
has a set of tax implications, rules and qualifications, however, all
can be used in tandem with your estate plan to help provide for your financial
needs for retirement, end-of-life care, and for the financial benefit
of your estate plan beneficiaries.
Consult a Financial Planner
At Mortensen & Reinheimer, PC we provide expert care for your estate
planning needs! We leave the in-depth financial planning to the experts
we know and have several, trusted and seasoned, financial planners available
to speak with you. Estate planning and financial planning go hand-in-hand.
Working together, we can help secure your future and maximize how you
can provide for your loved ones.
Steps in the Right Direction.
Our attorneys are very detail oriented and are excellent at discovering
the most beneficial solutions for each client's individual case. Over
the years, we have built a strong reputation for excellence and success
that we constantly strive to maintain. Call our office to speak about
your estate plan or to ask for referrals to a financial planner in your
area. We will support and advise you through each step of the complex
estate planning process, so get started today!