Estate planning involves a multitude of considerations beyond having a Last Will & Testament. Preparing for a time beyond your own life or for a time when you may become unable to communicate your wishes requires a comprehensive plan that considers your goals, assets, heirs, taxes and more. The professional guidance of a financial advisor who understands your goals in life and your aspirations for the eventual transfer of your wealth can help you create and maintain a plan to protect your assets and personal interests.
Laurie Siebert, CPA, CFP®, AEP®, Senior Vice President at Valley National Financial Advisors and host of “Your Financial Choices” on WDIY 88.1 FM, shares her five-step approach to developing an estate plan with these quick two-minute videos.
1. Identify Your Goals
What are your goals? Different types of goals require custom strategies in the overall estate plan. There are some common themes to consider as you outline your specific goals.
2. Take Inventory of Your Assets
Assets go beyond basic financial accounts. Outlined in the video below are types of property, policies and investments that are sometimes overlooked in estate planning.
3. Consider Heirs
Heirs are often more than beneficiaries in your Will. Consider their relationship with you, and what their capacity to handle the responsibilities of your estate is.
4. Understand Taxes
Tax planning is a very complicated undertaking during life. Laurie discusses some additional considerations when integrating tax savings strategies into an estate plan.
5. Execute the Plan
“Execute the plan while you can.” There are important documents and directives you can put in place with your attorney to ensure that your wishes are fulfilled when the time comes.
Contact the team at Valley National Financial Advisors for more information.
Valley National Financial Advisors is the marketing name for Valley National Group, Inc. and its affiliates. Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC. Valley National Advisers, Inc is a Registered Investment Adviser with the U.S. Securities and Exchange Commission.
Valley National Financial Advisors | 1655 Valley Center Pkwy Suite 100, Bethlehem | valleynationalgroup.com
This post is a sponsor collaboration between Valley National Financial Advisors and Lehigh Valley Style.
