Estate planning sounds as if it is for the ultra-wealthy when in fact it applies to everyone. The fundamental purpose of estate planning is to leave a legacy for the living. A well thought out estate plan allows you to leave what you want, to whom you want, when you want. By failing to properly plan, many of us are creating problems for our loved ones after we’re gone.
Numerous studies show that over 50% of Americans have no estate plan, no will and no medical directives. Why do so many people fail to properly plan for what happens at the end of their life? Unfortunately, many people have an inherent aversion to talking about death, money and taxes. However, leaving a positive legacy is something we all care about.
One of the most common mistakes is the failure to properly name beneficiaries of insurance policies, retirement plans and IRAs. The rules and traps governing the inheritance of IRAs and retirement plans are very complex and often require the services of a qualified estate planning attorney who can help protect the assets from unexpected income and estate taxes. At Wampler Insurance, we work with several local CPAs and legal professionals who specialize in estate and legacy planning.
We have helped generations of families develop wealth transfer strategies that seek to reduce estate taxes while pursuing specific legacy and charitable giving goals. We can help you articulate your estate planning goals and will work closely with your tax and legal advisors to help ensure your financial strategy reflects your estate planning needs.
Proper insurance planning can help protect assets and/or create wealth for your heirs. It can ensure a surviving spouse will be taken care of without any undue financial stress. Or, it can preserve your hard-earned assets so you can pass on your legacy to your grandkids or to a cause you are passionate about.
If you want help accomplishing your long-term estate planning goals, we can assist you in navigating and simplifying today’s complex estate planning environment.
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