Answering a few simple questions can help you decide whether it’s time for a review.
The current state of your estate plan:
- Has it been more than five years since your estate plan was drafted?
- Have you undergone significant changes in your life since your estate plan was prepared? Those could include a divorce, marriage, the birth or adoption of a child, or the death of a close family member.
- Have you acquired or inherited assets or a significant amount of property since your estate plan was created?
- Are you concerned that your estate plan has not kept up with potential estate tax changes?
- Are you concerned that your life insurance, annuity and/or retirement plan beneficiaries may not be current?
- Have you started, purchased or sold a business since your estate plan was created?
Establishing and updating a will:
- Do you have a will?
- Do you know which assets your will does and does not control?
- Do you know who will receive property under your will? Is that consistent with your wishes today?
Making decisions if you can't:
- Have you designated someone to make medical decisions on your behalf if you were unable to do so?
- If you were incapacitated, have you designated someone who can access your assets for your family?
- Have you designated who would be responsible for caring for your children if you and your spouse died or were incapacitated?
Individual circumstances:
- If you have a living or revocable trust, are you unsure whether the correct assets have been transferred into your trust?
- Do you have a business, property or other assets that are illiquid or difficult to divide?
- Do you have family members with special needs?
- Do you want your estate to be settled privately, avoiding disclosure of the estate’s value and the identities of those who are receiving property?
- Are you concerned that someone who you didn’t intend to receive property will receive part of your estate?
- Do you want to minimize the impact of estate taxes, debts, and administrative fees on your estate?
Don’t leave a lifetime of careful financial planning incomplete. Preserve and enhance what you’ve created over your lifetime with an up to date estate plan that can leave a legacy for generations to come.
With a sound strategy, your advisor can help you prepare for retirement income for the long run.
Financial Professionals do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation. Securities and Investment Advisory services offered through Securian Financial Services Inc member FINRA/SIPC. Tax and Financial Group is independently owned and operated. 5624155 DOFU 04/2023
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Securities offered through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC, CA Insurance Lic# 0644976), member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Tax & Financial Group is independent of Cetera. 4001 MacArthur Blvd., 3rd Floor, Newport Beach, CA 92660. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.
This site is published for residents of the United States only. Registered Representatives of Cetera Advisor Networks LLC may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every representative listed. For additional information please contact the representative(s) listed on the site, or visit Cetera Advisor Networks LLC site at www.ceteraadvisornetworks.com. Individuals affiliated with this broker/dealer firm are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services. Please note: The charitable entities and/or fundraising opportunities described herein are not endorsed by, or affiliated with Cetera Advisor Networks or its affiliates. Our philanthropic interests are personal to us and are not reviewed, sponsored, or approved by Cetera.