Simply put, Estate Planning is the process of a designing a plan for the transfer of property and other assets upon death, with the goal of tax minimization for the good of beneficiaries.
The Difference Between Wills and Trusts
A will is a legal document that states how your property will be transferred, and in what amounts, to beneficiaries upon death. Any person who possesses assets and property that will be taxed upon passing away should have an updated will.
A trust is an arrangement in which property and assets are entrusted to an entity or person (trustee) to be managed for, and distributed to, beneficiaries. It is a vital tool for avoiding probate and minimizing estate and inheritance taxes.
It’s imperative that estate planning is accomplished when a person is able to reason with a sound mind in good health, and is free from emotional stress.
The Essential Collaboration Between Financial Advisors and Estate Attorneys
At Cary Stamp & Co, we emphasize the importance of the collaboration with clients' estate attorneys. In short, the estate attorney conceives and produces your estate documents and the financial advisor helps implement the plan, contributing ideas on financial products that take advantage of current laws to satisfy client goals. The attorney-advisor collaboration should produce a smooth integration of the estate planning documents with the financial tools used to accomplish results, ensuring that nothing falls through the cracks.
- Asset Protection
- Insurance-funded Inheritance
- Tax-Efficient Transfer of Wealth
- Charitable Giving & Trusts
- Funding Trusts
Our team possesses decades of estate planning proficiency with high net worth clients, working in their best interests to achieve maximum gain and tax avoidance for beneficiaries.
Cary Stamp & Co. does not offer legal advice.