Are you looking for an estate planning advisor to coordinate your generational wealth transfer and create financial opportunities for you and your loved ones? Get in touch with Conservative Investment Concepts for comprehensive estate planning. We are experienced in crafting thorough estate plans while keeping investment assets and liquidity management in mind.

There are differences between creating a will and estate plan. The latter is broader and goes beyond the distribution strategy for inherited money. The estate plan gets executed when the owner is alive or dead. It covers financial management, legal and health deliberations and functions, and estate distribution upon death.

On the other hand, the will is a legal document concerned with allocating wealth to estate beneficiaries, settling debts, and other expenses when the owner dies. Thus, wills are part of estate planning.

Legacy Planning

One significant aspect of an estate plan is ensuring that your loved ones are taken care of when you are unable to or upon your demise. Estate planning enables you to empower the next generation by positioning your assets to avoid probate. Getting your children involved in the decisions being made is highly recommended to reduce stress and anxiety over inheritance-related issues.

At Conservative Investment Concepts, we can ease the process of generational wealth transfer by helping you come up with a distribution strategy for inherited money. We also advise on how to talk to your parents about their wishes to ease the difficulty in managing their finances when they are incapacitated.

Tax Reduction

An estate planning financial advisor also provides guidance on reducing taxes upon your death. They know the legal processes and ways you can cut down on taxation, making sure to save as much as possible on taxes.

Keeping Organized

The estate planning financial advisor also helps you develop a distribution strategy for inherited money. They also provide invaluable advice and solutions for financial estate planning so that your estate beneficiaries can reap the maximum benefits.

Liquidity Management

Your estate planning financial advisor's job description entails paying taxes, settling debts, and other costs accrued by the estate.

Every insurance policy and the people covered are under the estate plan. Ensure the coverage has the right people and revise it in case of major changes like divorce.

It is advisable to review your estate plan every 3 to 5 years to ensure they comply with the laws in your current state because estate laws are always changing. The review also covers interstate relocations.

Estate planning helps you preserve your wealth for the estate beneficiaries. Therefore, a wise choice would be to have a plan in place to cover long-term care and avoid erosion. You can have insurance cover your long-term medical care to prevent your estate from erosion.

A review is pertinent if you are getting a divorce. The changes prevent your spouse from inheriting or managing your estate if you become incapacitated or die before the divorce settlement. It also lets you reduce your spouse's control to a legal minimum. Revisions also terminate any irrevocable trusts tied to your spouse upon the divorce.

Q: What is the difference between will and estate planning?

A: While the terms get used interchangeably, they are different. Estate planning is much broader and covers the finances, health, assets, insurance, properties, and will of an individual when they are incapacitated or dead. However, your will deals with asset distribution to estate beneficiaries and debt and expense payments upon a person's death.

Q: When should I start estate planning?

A: We recommend getting started on an estate plan as soon as you become a legal adult. You should also review your estate plan every 3 to 5 years.

Q: Who needs an estate plan?

A: An estate plan is for anyone who has dependables or loved ones and wishes to leave their assets to them.

Q: What should be included in estate planning?

• Your will
• Revocable living trust
• Estate beneficiaries for all non-probate assets
• A healthcare directive
• Financial power of attorney
• All your insurance policies
• All your identity documents
• A list of your title and property deeds
• Your digital logins and passwords for your financial and investment accounts
• Funeral wishes

At Conservative Investment Concepts, we understand the complications and stress that can be associated with planning for your estate. We listen to your concerns and work directly with you to ensure that your wishes are carried out. You do not have to navigate these murky waters alone when working with a professional makes things easy. Contact us at (360) 632 9954 to find out more.