Preserving Your Legacy and Caring for Your Loved Ones
Ever-increasing taxes are a formidable impediment to the financial security that you are working so hard to achieve. They have made accumulating, preserving and disposing of your wealth more complicated than ever before. Without proper planning, income, estate, gift and inheritance taxes can erode a significant portion of your estate.
At Schneider, we possess the knowledge and expertise to develop estate plans that build and preserve assets during a person’s lifetime in an unfriendly tax environment. We also seek to reduce the adverse impact of federal and state death taxes, thereby maximizing the portion of your estate that ultimately passes to your heirs. Trusts are an excellent tool for achieving both aims, and there are a variety of options that let you choose when and how your assets will be disbursed.
Some questions to consider while planning are:
- Who will inherit your property upon your death?
- What will happen to your business when you die?
- How will your property be managed if you become incapacitated?
- Who would be the guardian of your minor children should you die prematurely?
- Have you made proper use of joint ownership of property and other non-probate transfers available to you?
- Have trusts been used to your advantage?
- Have you considered making lifetime gifts to family members and favorite charities to reduce the size of your estate?
- Have beneficiaries and ownership of life insurance policies been properly designated?
- Will you have enough liquid assets in your estate to pay your final expenses?
- Do you need to update your estate plan because family or business situations have changed?
It’s our role to see that your wishes are carried out. Listening to the client carefully, asking the right questions, and gaining an understanding of the client’s wishes and particular circumstances are essential to us, as CPAs, in helping our clients design and implement an estate plan most suitable for them.
Many people mistakenly believe that they do not have enough assets to make estate planning worthwhile, or they procrastinate in their planning until it is too late. Estate planning is for everyone. While you may consider your estate to be of only “modest” size today, it may well become sizeable over time due to inflated market values. We will discuss what strategy to take to optimize your estate.