What Are the Final Estate Planning Questions You Should Ask?

WEEKLY EDUCATIONAL UPDATE –
DECEMBER 5, 2018

 

“Tis impossible to be sure of any thing but Death and Taxes,” wrote Christopher Bullock in his 1716 book, The Cobler of Preston.

 

 

 

Putting your estate in order will ensure your assets go to your appointed heirs as opposed to the government.

 

 

 

Immediately following the death of a loved one, emotions generally run high, which can lead to confusion and chaos.[1] Delaying making estate planning arrangements may cause unnecessary hardship and grieving survivors to lose portions of their inheritance in probate.

 

 

 

When the inevitable happens and your estate is not in order, circumstances can turn sour. Proper management of your estate may provide you with the peace of mind now and give your family the security to manage their future in your absence.

 

 
Where is the paperwork?
You obtained life insurance to protect your family and to take care of family members’ needs. You may have arranged your investments and other financial accounts to help your loved ones live more secure futures.

 

 

 

Obviously, if something were to happen to you, your family would need access to your accounts and your documents. They would need to know where to go, what to do, and how to obtain the necessary information.

 

 

 

Prepare now for your family’s future by storing your financial information and your legal documents in a safe place. Inform designated loved ones where and how to access login information and passwords to online accounts.

 

 

 

Here’s a checklist:

  • Do you have a will?
  • Where do you keep it?
  • Where are your health-care documents?
  • What about your other financial paperwork?
  • Are the beneficiary forms accessible?
  • Is your life insurance adequate and is it the appropriate type?
  • Have you made arrangements to cover your estate taxes or other potential fees?
  • Do you have a written letter of instruction?
  • What about your memorial service?

 

 

 

What about your memorial service?
Discuss with your family the type of memorial service you’d like to have. Ideally, you’d like one that suits your personality and reflects your life.

 

 
While the idea of talking about your funeral may seem uncomfortable, once finished, most families find these types of discussions comforting and reassuring.

 

 
Here are some planning tips to help you find the best funeral services for your circumstances:

 

  • Compare prices.
  • Get a quote. Funeral homes are required by law to provide written price information.
  • Resist the temptation – or the sales pitch – to buy services you don’t need.
  • Don’t let your emotions lead you to overspending.
  • Know your rights. States’ legal requirements vary.
  • Shop for memorial services in the same manner as you would with other major purchases.
  • Plan ahead, which allows you to comparison shop.

 

 

 
Where can you find help?

 

Financial professionals can provide you with insight, guidance, and information to help you overcome the obstacles and challenges that you may confront as you develop one of the most important plans in your life. While most financial professionals are not attorneys, they do work closely with experienced legal and tax professionals to give you the peace of mind to ensure your end-of-life concerns are put in order.

 

 

 

If you have financial questions or are making estate preparations, call us today!

 

 

 

 

 

Disclaimer:
Edward Storer & Associates’ The Tax Advisory Group, LLC and Financial Gravity Tax, Inc. offers tax planning and preparation services. The Tax Advisory Group, LLC and Financial Gravity Tax, Inc. are separate and unrelated companies. Tax services offered are to help business owner and individuals create sound tax planning strategies that are custom suited to their needs and objectives.
Edward Storer & Associates’ Investments Made Easy, LLC, is an independent investment firm. Investments Made Easy, LLC. and Financial Gravity Wealth, Inc. are separate and unrelated companies. All investment advisory services are offered through Financial Gravity Wealth, Inc. Financial Gravity Wealth, Inc. is a Registered Investment Adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein.
Edward Storer & Associates’ Insurance Made Easy LLC is an independent insurance firm. Insurance services offered are to help business owners and individuals create insurance strategies using a variety of insurance products custom suited to their needs and objectives.
Edward Storer & Associates in association with our attorney groups can help assist with various legal matters – all under one roof. Edward Storer & Associates themselves are not attorneys.
[1] www.consumer.ftc.gov/articles/0070-shopping-funeral-services

Sign Up Now!

Get instant access to Edward’s chapter of the book UNcommon and discover the 1/10th of the 1% rule and integrated wealth planning!