The more wealth you acquire, the more you must plan for that wealth in both the short and long term. One of the biggest mistakes you can make is failing to create a comprehensive plan that takes into consideration your retirement and your estate when you pass away.
In order to come up with a plan that will work for you and your family, you must consider your goals for retirement and your estate to create a plan that makes the most of your assets. Some of these considerations include:
• The type of assets you own (qualified funds, appreciated property, etc.)
• Your family dynamics (children from different marriages, loved ones with special needs both financial and medical)
• The legacy you want to leave
• Income Taxation and Gift/Estate Taxation
We at Bennett Watson see Estate Planning as a team sport. The best Estate Plan involves your Financial Advisor and Accountant so that together we can come up with a plan for your retirement and your estate that will work for you during your lifetime and your loved ones when you are gone. We consider an Estate Plan successful when both income and estate taxes are minimized, your wisdom passes along with the rest of your wealth, your loved ones receive their inheritance as you intend that you thoughtfully planned based on their individual needs, and no conflict arises in the administration of that plan.
If you would like to consider adding Bennett Watson to your planning team, the first step in our process is our Client Orientation Meeting held the second Tuesday of each month. Call Bennett Watson today at (229) 333-0860 to reserve a seat for you and your trusted advisors, whether professional or family, at our next meeting on Tuesday, June 14th at 2 pm.