"We can do no great things, only small things with great love." - Mother Teresa
Estate planning is not about taxes - it is about transferring assets where and when you want. People plan their estates out of love for, and in recognition of, the treasured people and organizations in their lives. Estates allow people to provide assets that will strengthen the financial security of their loved ones and support worthy causes. Some clients, having been through difficult settlements with parents, want to make things easier for their own children.
Regardless of the size of their estate, no one wants to leave a mess for the next generation to clean up. All estates, regardless of their value, have expenses that need to be paid. In fact, the smaller the estate, the more costly these expenses can be.
Our process seeks to remove the dangers that could keep an estate plan from operating as it was intended.
While estate tax planning is critical for the orderly, equitable and efficient transfer of wealth, it can be a confusing process - especially when Congress keeps changing the rules. Therefore, frequent reviews and coordination with clients' tax and legal advisors are critical to the construction and maintenance of an effective estate plan.
Beyond Wealth Management assists with the construction of estate plans and helps families to understand the complex financial issues surrounding this natural transition in life. We act as sensitive, objective and knowledgeable facilitators in what can be an emotional discussion.
During the Family Focus meeting with adult children, the parents' values and desired legacy are explained in detail. Any long-term care plans are also discussed, since adult children are often deeply involved in caring for their parents. This important meeting seeks to head off misunderstandings, hurt feelings and demonstrate sound planning to reduce taxes and probate expenses.