You’ve worked hard to build and preserve your wealth. Now you want to help ensure that your family (or whomever you designate) benefits from your hard work after you’re gone. You have probably hired an attorney to help with this process and drafted documents concerning your wishes. You may have even discussed estate planning trusts that can be used to minimize your estate taxes and offer additional benefits. But have you coordinated your estate plan with your financial adviser? If you haven’t, you and your heirs could be in for some unwelcome surprises when it comes time to distribute your wealth.
For example, did you know that no matter how well your will is drafted, its directives will likely not override beneficiary forms or transfer-on-death designations? So, even if you indicate in your will that an IRA account should go to your children, if the beneficiary on the IRA names someone else the account will likely be passed to the named beneficiary instead.
This is one example of why it is so important to coordinate your estate planning efforts with both your attorney and a financial adviser who is educated about and understands estate taxes. Each will bring skills and information to the table that helps maximize your ability to distribute your wealth in the way you intend.
We’re happy to work along with your estate planning attorney to help you formulate and execute an estate plan that helps to ensure your assets are distributed to their intended recipients, while minimizing taxes. If you don’t already have an attorney you are comfortable with, we can help you find one suitable to your needs.