fbpx

Articles tagged with: Estate Planning

Life Insurance Needs at Every Stage of Your Life

Let’s explore how your life insurance needs may change according to the three primary stages of work and life.

27 September 2022

Life Insurance Needs at Every Stage of Your Life

According to LIMRA's 2022 Insurance Barometer Study, the secret to financial security is owning life insurance. Choosing the right products can help you to better protect your family’s lifestyle today and into the future.

No matter what your age or situation is, owning a life insurance policy is an excellent family protection strategy. It allows you to leave an inheritance without your beneficiaries having to pay income tax on the death benefit they receive. Your beneficiaries could use the death benefit to replace your lost earned income and pay for essential expenses such as food, shelter, credit card bills, funeral or cremation costs, student and auto loans, medical bills not covered by health insurance, and so much more. It can also be used to provide extra support for retirement and the unexpected such as injury or illness.

It's Your Estate, Don't Procrastinate!

Taking the Time to Finalize Your Estate Plans Can Ensure Your Wishes Will Be Met

15 November 2021

It's Your Estate, Don't Procrastinate!

Nobody likes thinking about dying, or selecting a guardian to raise your children, or having to choose which of your children would best manage your money in your absence. But the critical point about estate planning is this: If you don't do it, you lose your say. Without a will, your estate may end up in court, divvied up based on a judge’s decision - not your own.

Without specific terms set in place, you may not get the medical care you would prefer or the preferred custodial caretaker for your children. For those reasons, it is better to face the discomfort of our mortality and make sure everything is up to date and in order. With your estate planning checked off your list, you can rest assured that, in an unthinkable situation, you and your family will be covered.

So, where do you start?

Are You a Candidate for a Living Trust?

Complex Financial Situations Call for a More Sophisticated Estate Plan

13 October 2021

Are You a Candidate for a Living Trust?

In my last few chats with you, we’ve been discussing estate planning, and in a previous blog, I tried to simplify estate planning by using a pie metaphor…a cherry pie, cut in half. Today, I thought
I would change it up to a pizza pie. One-half of the pie is will-based planning, and the other half is trust-based planning. Both are important parts of your overall wealth management process, and your financial advisor and estate attorney are key to helping you decide which is better for your situation.

Let’s look further into trust-based planning.

Should You Consider a Spousal Lifetime Access Trust (SLAT)?

13 July 2021

Should You Consider a Spousal Lifetime Access Trust (SLAT)?

With anticipating changes in tax laws happening next year, it's time to review your estate plan to ensure it will continue to achieve your goals by minimizing estate taxes. 

The federal government currently imposes a gift tax on lifetime gifts and an estate tax on transfers on death.  A properly structured estate plan can reduce taxes by taking full advantage of the available tax exemptions, specifically the gift and estate tax "unified credit".  The unified credit permits every individual to transfer a specific amount of assets (an "exemption") tax-free either during their lifetime or at death. 

Why Wealth Transfer Plans are Critical to Estate Planning

Don’t Neglect this Essential Aspect of Leaving Assets to Your Heirs

05 May 2021

Why Wealth Transfer Plans are Critical to Estate Planning

When it comes to estate planning, there can be many moving parts that are difficult to keep track of. Often, even having all of the proper documentation in place can still lead to confusion and errors. This is why you should make certain that you incorporate a wealth transfer plan into your estate planning.

3033 Campus Drive, Suite N145
Plymouth, MN 55441

Contact

  • E-Mail:

    This email address is being protected from spambots. You need JavaScript enabled to view it.

Copyright © Echo Wealth Management LLC. Powered by AdvisorFlex.