Why Plan

You can’t anticipate the unexpected. But you can plan for it. Life’s twists and turns are unforeseen. Protecting your family shouldn’t be.

Q: Who should be especially interested in developing strategies to accumulate, protect and ultimately distribute wealth to their intended heirs? A: Everyone. Especially if you are…

• An individual or couple preparing for the birth of a first child.
• An unmarried heterosexual or same sex couple desiring to protect and provide benefits to a partner (as opposed to related family members).
• A business owner desiring to implement a tax efficient succession plan for the transfer of her or his business to family members or outsiders.
• Business owners who desire to protect their business and one another from unintended outsiders.
• An individual or a couple who desire to transfer their wealth at death at the lowest possible death tax cost to their heirs.

FYI – A research poll conducted by Harris Research (June 4-6th 2014) surveyed 2,036 adults aged 18 and over, of which 539 were fathers.  While 69% of respondents had considered creating a Will, only 34% had actually done so. Even among those who were 55+ this number raised to only 58%. At least 50% of all respondents who had seriously considered writing a Will, advance directives and sharing account details with their family had not actually done this. The reason for inaction was not their understanding of the importance of these plans, nor the understanding of the value these plans offered to their family, but the idea that it’s a complicated, lengthy and energy zapping experience.  — 1 AYTM study June 2014

Did You Know? Nearly half of the 2 Million people who die every year are likely to experience disorganization, family disagreements and other challenges that result from lack of planning and documentation?

Failing to plan will likely result in unintended consequences, some including:

• If you are married, your spouse may not inherit all of your assets.
• Your assets may end up in the hands of unintended heirs.
• Your assets may end up in the hands of intended heirs, at an unintended time and as early as the age of 18.
• Your estate may have to pay higher Federal and/or State death taxes.
• A Judge may have to approve administrative transactions during the probate of your estate.
• A Bond may have to be posted by the administrator of your estate.
• A Petition will have to filed with a Court to have a guardian appointed to manage your assets, if you become disabled.
• High probability of failure in the transfer or continuation your business.
• A Judge will determine who should be appointed as guardian of your minor children.
• A disabled child who receives governmental assistance could lose the assistance temporarily or permanently.
• Distributions to the beneficiary of your IRA or other retirement asset may be accelerated, thereby resulting in higher income taxes.
• Your assets intended for your family may have to be sold to pay death taxes or family disputes.
• Substantial loss of family wealth.
• Disagreements between or among heirs.
• Loss of privacy.

Our clients are not burdened with these possible consequences. We take the time to educate you so that you can make informed decisions and achieve specific objectives to reach your ultimate destination. Chart your course. Let us help you navigate your future.