Financial Planning for your Estate Plan

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 administrator.

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 estate planning 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 discuss 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!

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