Kaizen Wealth Management Group
Estate & Future Planning.
Planning for the future can be complicated, entrust your future with those who have your best interests at heart.
We would love to meet with you to understand your unique retirement goals.
Generational Influence
Considering our influence on generations to come isn’t something we often prioritize.
Typically this sort of thinking feels grandiose and exclusive to the super wealthy or benevolent philanthropists.
However, it is important to remember that we all pass along an estate, regardless of how large or small our net worth, and we must effectively plan for how our assets will be allocated and how your family will be cared for. Otherwise, the state makes the decision for you.
Death and Taxes
While we’re all familiar with sales, capital gains and income taxes, you may be surprised to know that death is considered a taxable event as well.
As we examine the impact of taxes on our estate, there are two entities we must consider:
There are strategies to minimize the impact of these taxes, and we can help you determine the best way to mitigate them, maximizing the assets passed to your family rather than the government.
Federal
Upon your passing, the federal government will seek to tax your assets at a rate of up to 40%. The net value that is subject to federal taxes is made up of your estate, any gifts you’ve given over your lifetime, or any generational transfers.
State
Your state of residence will also tax your estate, and the value of your assets is accounted for in the same manner as that of the federal government. However, in addition to the estate taxes, your beneficiaries may also be subject to an inheritance tax of up to 18%.
Higher Learning
The cost of tuition is skyrocketing, and there doesn’t appear to be any end in sight.
Your children and grandchildren face the possibility of starting their adult lives several hundred thousand dollars in debt.
Let us help you devise a plan to assist them with managing these costs, where we’ll provide guidance on the advantages or disadvantages of options such as trusts, or the savings and prepaid components of a 529 Plan.
As with any financial plan, starting early provides a greater advantage, so the time to begin saving for your family’s education is now.
The State of Your Estate
When it comes to a comprehensive and well-constructed estate plan, there are several important steps that must be taken.
Our reliable expertise will help guide you through each of these steps and provide actionable advice for you and your family.
Inventory of Your Assets
Having an understanding of the current value of your estate is important to forecasting the impact of taxes and what you’ll be leaving to your heirs.
Determine Your Family’s Needs
Evaluate your life insurance and determine who will care for your children to avoid emotionally and financially taxing family court proceedings.
Establish Legal Directives
We finalize the legal aspects of your estate, such as whether you have a trust and what type of trust(s) to implement, as well as power of attorney.
Name Your Beneficiaries
Periodically review your beneficiaries, as in the case of a previous divorce, or name backup beneficiaries in case your primary beneficiary passes before you.
Your Lasting Legacy
While estate planning concentrates on many of the financial and tax aspects of what you pass to your heirs, legacy planning allows you to establish more nuanced requests.
For example, you may wish to pass on certain values, create a family narrative, or engage in charitable giving that goes above and beyond the value of your estate.
We will help you narrow the scope of these goals and provide guidance as to how to ensure your desires are met.
Ben Said it Best
Planning for the future can be complicated and somewhat uncomfortable.
Don’t leave the fate of your family and your life’s work in the hands of those who don’t have your best interests at heart.
As the great Benjamin Franklin once said, “If you fail to plan, you’re planning to fail.”
Contact us today for a comprehensive consultation to learn how we can help you create a plan that most effectively suits your needs, and rest easy knowing that your family and your legacy will be taken
Connect with us today to schedule a review of your current financial plan.
Explore Our Additional Financial Planning Services
Affordable, experienced, and friendly, you can count on us for all of your financial planning needs. View our additional services below or contact us to find out how we can help. You’ll be glad you did!
A Comprehensive Financial Guide by Todd Elliot
Retirement Done Right.
Does your plan for retirement involve a “magic number,” or amassing a pile of cash, dragon like, that you hope will last the rest of your life?
While many Americans are not planning ahead for retirement at all, a significant number of those who are, have plans that only amount to stockpiling money. But what happens if there’s a recession? Or what if you or a loved one need long-term health services? How will you handle the possible effects of inflation over time?
In this handy guide for those nearing or in retirement, longtime financial advisor Todd Elliott tackles the significant elements of a financial plan and how to address each.
With true-to-life stories and relatable metaphors, Todd shows what it looks like to plan for a Retirement Done Right!
A Comprehensive Financial Guide by Todd Elliot