Some call it estate planning, you call it planning for life and beyond!
I sure do! Many people go to great lengths to accumulate wealth. Regardless of age, individuals that seek to be self-sufficient are to be admired. Unfortunately, many people work hard and pay great amounts in fees and commissions, yet their plans are incomplete. Sadly, they are typically unaware of a gaping hole in their strategy. If a catastrophe occurs the individual or their family discovers the huge omission that was made.
We believe no financial plan is complete without an estate plan. For example a young couple that has worked tirelessly to accumulate wealth is suddenly taken in a car accident. If they don't have a will, the decisions about guardianship of their children and control of their wealth will be in the hands of the court. If the retired person that has accumulated a lifetime of wealth dies without a complete estate plan their wealth may be diminished greatly by taxes and fees, or squandered by beneficiaries that will waste a lifetime of wealth in a year or two. What can be worse may occur when an individual becomes incompetent without the proper powers of attorney. In our state a competence hearing is scheduled when the person isn't able to make rational decisions. If the court agrees that the person is incompetent, the next of kin is usually appointed as guardian. However, as guardian, the individual is required to petition the court before making changes for the incompetent loved one. The guardian is also required to file an annual report to the court detailing the money they spent on the incompetent loved one. Guardianship can be a costly and time consuming. More importantly it can be humiliating for the guardian. Imagine being married to a person for over 50 years and having to petition the court before you can spend their own money on them? In the huge majority of cases a proper estate plan will eliminate this problem.
So, you are talking about the importance of having proper estate documents, right?
But you don't believe estate documents are all it takes to make a great estate plan?
No! Absolutely not! Many people don't understand the importance of what I call non-legal estate planning. Without proper beneficiaries designations on Life Insurance, Annuities, and Retirement Plans the financial consequences can be devastating. Such a mistake can cause some assets to be opened to claims from creditors that were meant to take care of loved ones. It can be particularly damaging to retirement asset, possibly triggering income tax as high as 40%. What seemed to be a minor era can become a mistake that could cost dearly. Another key area is planning your legacy. What life lessons and memories will you leave behind? We believe some things are more important than money!
In 2017 Legal Zoom reported that 55% of American don't have a will. A much higher percentage don't have proper Powers of Attorney. We believe not having an estate plan is risky. We are committed to making sure our clients aren't vulnerable to the risk associated with insufficient planning.
Investment Advisory Services offered through AlphaStar Capital Management, LLC a SEC Registered Investment Adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. AlphaStar Capital Management, LLC and Master's Estate and Financial Services Inc. are independent entities. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Insurance products and services are offered through individually licensed and appointed agents in various jurisdictions. Master's Estate and Financial Services Inc. does not offer legal or tax advice. Last sentence optional; suggested if applicable, but not required.