The third phase of the Financial Life Cycle is the Estate Planning Phase – where you define how you will share your legacy. This means having your affairs in order and enabling your family and loved ones to make decisions on your behalf upon your death. The estate planning phase must be taken into consideration during both the accumulation and retirement phases.
The first step to establishing an estate plan is to create a will. A will is a must, no matter how many possessions you have. The advantages are numerous, and the problems of not having one are so time consuming and costly that you should not postpone having one drawn up. Rogers Group Financial can help with the many necessary aspects of creating or reviewing your will.
Once your assets are distributed, will your family still need financial assistance? You can ensure that your loved ones will still be provided for in the event that you suffer a serious illness that drains your financial reserves and reduces your assets. Life insurance provides income protection for a family in the event of an income earner’s untimely death. You may also decide to create a trust to ensure that your funds are disbursed according to your specific wishes or you may have a family member with a disability and have growing concern about their continued welfare.
By planning ahead, you can minimize income taxes and probate fees to help lift some of the burden of that stress from your family.
Sharing your legacy may also mean arranging to continue your philanthropic giving after death with a donor-advised fund or a trust.
When it comes to estate planning, every individual’s financial goals and objectives are unique. We use our disciplined strategic process to determine what strategies will best suit your financial concerns and objectives. Following our guiding principles, our experienced, professional advisors use a comprehensive planning approach to create an estate plan that best suits your unique situation.