Estate Planning

When you hear the word “estate”, does it conjure up images of Downton Abbey, Wayne Manor or one of J. Paul Getty’s many residences? At first glance, it may seem like estate planning is something quite grand and only for the super-rich. However, it’s really just common terminology encompassing objective financial planning strategies that everyone should consider.

Most people do not spend too much time thinking about end-of-life planning on a daily basis. But you may have loved ones who will soon face these issues. While it’s not pleasant to think about, you may be the one who ends up having to sort out their affairs. And, the reality is, there will come a time when you need to think about yourself and your own family.

Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or incapacitation. One of the goals is to make sure your beneficiaries receive these things in the most cost-effective way possible. Estate planning can help establish a platform you can fine-tune as your personal and financial situations change. The key question to ask yourself is: how do you want your assets distributed if you die or are incapacitated?

Getting Your Estate in Order

No matter how young or old you are, getting your business affairs and records organized is an essential part of financial planning. However, there can be many accounts, policies, documents, and other information to organize. Just thinking about what you need to put together can quickly become overwhelming.

Contact us to receive a checklist to start organizing your personal information and important documents into a master file. You’ll feel good about completing the task — and your family will thank you for it!

Trusts

A trust can provide a measure of comfort, knowing you have a plan in place to help provide for the safe and accountable management of family assets and to direct their use in accordance with your wishes, goals, and objectives.

Different kinds of trusts are designed to meet different objectives. For example, if your goal is to ensure privacy in the settlement of your estate, to centralize control of assets, or to take full advantage of estate tax credits provided by the IRS, you might choose a living or revocable trust.

Different trusts meet different needs and financial goals. 

• Living Trust
• Special Needs Trust
• Survivor’s Trust
• Charitable Leads Trust
• Charitable Remainder Trust
• Generation-Skipping Trust
• Irrevocable Life Insurance Trust
• Trusteed IRA

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.

Trust Services

CFCU Wealth Management offers access to comprehensive trust services* including…

• Custody and Escrow Services
• Asset Management
• Trust Administration
• Trust Settlement Services
• Agent for Individual Trustee
• Family Offices

*LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial