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Will and Estate Planning

Will and Estate Preparation is about protecting your loved ones and the inner peace you get from preserving their financial security. Provide for your loved ones while staying on top of your finances.

What is Will and Estate Planning?

For many individuals, will and estate planning is a difficult subject to discuss and even more so to plan for as it brings up topics of their own mortality. However it is indeed something you need to talk about with your family and loved ones as you can’t obviously do so after you’re gone. And remember that no estate plan is exactly the same, and so your plan should be based on your personal priorities and goals. Regardless of your reasons, beginning the estate planning process is an integral step to any properly designed wealth management strategy. We are always ready to take that step with you and create an Estate Plan specific to your particular goals and objectives.

The Benefits of Will and Estate Planning

Frequently, people find themselves regretting not prioritizing their estate plan earlier in life. Regardless of your situation, everyone stands to gain from thoughtful estate planning. Crafting your estate plan or communicating it to your loved ones serves to safeguard your assets and empowers your beneficiaries to ready themselves for their future circumstances.

Our Will Preparation Process

Throughout life's different phases, we dedicate substantial effort to building wealth and nurturing assets for our family and loved ones. Yet, transferring this wealth and assets efficiently, free from unnecessary taxes or expenses, necessitates thoughtful estate planning. Your will reflects your individuality, and investing time in crafting it today empowers you to safeguard and provide for those dearest to you. The Gem Financial Group understands the importance and complexities of proper estate planning, work with them now to plan for your family's future.

Our will preparation process involves eight easy steps to create a plan that reflects what’s most important to you and your loved ones

1. Seek Out the Right Team of Professionals

The complexity of your circumstances dictates the expertise needed.

5. Establish Powers of Attorney

This stage safeguards your assets in scenarios where you're unable to oversee them or participate in ongoing decisions. With a power of attorney, you can predefine how someone should handle your financial or personal care choices on your behalf.

2. Design a Family Balance Sheet

This encapsulates your family's financial status, ultimately defining your family's net worth.

6. Minimize Taxes and Probate Fees

If your estate faces income tax or government probate fees, your beneficiaries might receive reduced amounts. Estate planning aims to minimize these costs by reducing assets subject to probate or those triggering taxes upon ownership transfer.

3. Determine Life Insurance Needs

Collaborating with your wealth planner is crucial in identifying your ideal insurance requirements. Life insurance proceeds serve multiple purposes such as income replacement, estate expenses, and inheritance.

7. Keep Track of Accounts and Important Information

Gathering all pertinent information can be a demanding task for an executor or family members settling an estate. Consider centralizing household information such as identification papers, financial account details, and legal documents. Once documented, keep a copy stored and inform a trusted individual of its location for easy access.

4. Create a Will

Your Will serves the purpose of specifying vital elements like naming your executor, outlining asset distribution after your passing, and appointing necessary guardians for your dependents.

8. Review and Update Regularly

Once your estate plan is crafted, it's essential to conduct an annual review and update. Summarizing and monitoring the current values of both financial and non-financial assets will help you in your estate planning goals.
The Result? Helping your loved ones with all of the benefits of your hard work and protect them in the most tax efficient manner possible.
 

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Optimize Wealth Management is the next generation in premier wealth management. We judge our success and value based on how well your financial goals are achieved, not ours. We provide our clients with personalized financial solutions and advice to help them at every stage of their lives. Our financial services cover everything from financial planning and portfolio management, to tax and estate preparation, and more

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