The Importance of Estate Planning
At the highest level, a thorough estate plan helps ensures that your wealth and assets are used according to your wishes. Fundamentally, estate planning supplements your present-day financial plan with specific strategies that helps to ensure your goals for your wealth are met even after you’re gone. Without one, you essentially relinquish control of your assets to the state when you pass away. And when that happens, you lose the ability to direct who obtains everything you’ve worked for, which could mean your loved ones don’t receive everything you wish them to have. Without a strategic plan to administer your wealth to the proper beneficiaries in a tax-efficient manner, you run the risk of diminishing the positive impact your estate can have on your loved ones and the causes you care about.
Conversely, when you take time to develop a thorough, intentional estate plan, you help your beneficiaries avoid confusion about your final wishes, minimize family conflict, reduce tax burdens and legal expenses, and help ensure that all your assets end up in the right hands. Strategies like charitable giving allow you to minimize your estate taxes, and transferring funds to specified-use accounts (like a 529 plan for your grandchild’s college fund) allows you to ensure your money is spent on its intended purpose—and again, minimize the tax ramifications for your beneficiaries.
At Crown Wealth Strategies, we know how vital it is to create a sound plan for your final wishes. We’ve experienced firsthand the disruptive nature of incomplete estate planning, and we recognize how much peace and clarity it can bring our clients and the loved ones of those we’ve worked with. That’s why we’re dedicated to helping our clients create thorough, effective plans that establish impactful legacies. As an AEP®, Lizzie is committed to helping people manage their wealth in the most effective way possible, both now and in the future.
What Exactly Does Estate Planning Entail?
Developing an effective estate plan can involve numerous financial planning strategies, including charitable giving, business succession planning, life insurance planning, and tax-minimization strategies. That’s because your estate doesn’t just encompass what’s currently in your bank account—all your property is part of your estate, and that includes your business, vehicles, house, jewelry, artwork, insurance policies, and intellectual property like patents. As such, your estate plan involves multiple people who help coordinate various parts of your financial world, and it’s important to have someone familiar with your goals to oversee the big picture.
As we work with you to create an estate plan, we at Crown want to ensure that each element of your wealth is accounted for, and that everything in your estate plan takes into account your values, circumstances, and overall goals. We’ll collaborate with you and your other trusted professionals like your accountant and attorney to ensure everyone is on the same page and working toward your vision of a satisfying legacy.
Do I Need an Estate Plan?
If you’re responsible for anything of value, you need an estate plan. Part of estate planning involves establishing directives not only for your tangible assets, but your business, insurance policies, and any dependents who are minors at the time of your death. And the more substantial and varied your assets, the more important it is to develop a well-thought-out estate plan. We serve many highly successful business owners and medical professionals who have substantial assets to manage. And the wealthier you become, the more complicated it is to distribute your wealth after you pass away—unless you create a clear, intentional plan to do so. By creating formal directives for your assets, you ensure your wealth creates a positive legacy, rather than a headache or a burden for your loved ones. It’s vital for individuals and families with significant assets to partner with a professional who can help them organize their estate with confidence. There’s a lot to consider when crafting an effective estate plan, and we want to make sure everything you’ve worked for fosters a positive and powerful legacy.