Financial Planning for Estate Planning

Estate planning is the process of making sure you have everything set up for the end of life. While this sounds like a simple process, it can be time-consuming and force you to make some difficult decisions.

The first part of estate planning is thoroughly evaluating and listing all of your assets and debts.

The second part of estate planning is determining what your goals and objectives are for when you pass on.

Common Financial Questions about Estate Planning:

> Do you want to make sure your partner is taken care of?
> Do you want to leave the house to the kids?
> Perhaps you want to put money aside to send your grandkids to college?
> Do you run a business and need to choose who should be left in control?

Once you have determined what your goals and objectives are, it’s time to put together a plan to determine whether or not your current assets and liabilities are sufficient to achieve those goals and objectives. Oftentimes if we pass early in life, we don’t leave enough to our families from our assets alone. This is where life insurance plays such a vital role in ensuring that our families are taken care of.

Towards the end of the estate planning process, we go through and make sure your goals and objectives are executed in the most tax-efficient manner possible, leaving your family with as little to deal with as possible.
This can be a very emotional experience with some tough choices to make. It can also be extremely difficult to make these decisions without the appropriate financial advice and understanding of how each of your actions will impact those you leave behind.

Estate planning is not just for the ultra-wealthy. Simply having an up-to-date will is part of the estate planning process.