First, own nothing. Passing assets to their intended beneficiary before your death is a great way to ensure they go where you want them to and to eliminate taxes at the same time.
Second, control everything. It’s one thing to give up ownership of assets, but it’s quite another to give up control. You want to set up your estate plan in a way that ensures you maintain control of the assets during your lifetime. A good estate planning lawyer has a deep toolbox to help you transfer assets and retain the control you desire.
Third, have a great team. Creating an estate plan, just like all aspects of investing, is a team sport. You want to have a team of advisors who work together to guide you in designing and executing a plan that best meets you and your family’s needs. Your team should include:
✓ An estate lawyer
✓ Your financial or investment advisors
✓ Your CPA and tax advisor
Don’t put this off. Planning your estate can feel uncomfortable. Few of us relish having discussions that force us to grapple with our own mortality. But you’re working too hard on your wealth strategy to leave what happens to your assets up to others or, worse, the government when you die.
If you don’t have a robust estate plan in place or you haven’t reviewed your estate plan in some time, put this on your calendar today.
If you’d like help creating a wealth and tax strategy that works with your estate plan, the team at TFW Advisors® is here to help. Schedule a call today to learn more about our approach!