Estate Planning First Steps
Getting started with estate planning can feel daunting, but taking those first steps often brings clarity and peace of mind. An estate plan not only ensures your assets are managed and distributed according to your wishes, but it also lifts the burden from your loved ones of having to make difficult decisions during an already emotional time.
In this week’s Retire Wiser with NBC Connecticut, Joel Johnson, CFP® walks us through the first key estate planning steps — from working with the right people to having the right plan.
Inventory Your Assets
Before you can manage the distribution of your assets, you need to take stock of what you own. In addition to financial accounts like 401(k)s, IRAs, and brokerage accounts, consider other items of value. This might include a vintage car, a family heirloom, or a prized collection. Gaining a clear understanding of your assets and thinking about whom you’d like to leave them to is the essential first step in creating a well-rounded estate plan.
Work with the Right Partners
When you’re ready to begin the estate planning process, it’s essential to involve the right professionals. In addition to an experienced estate planning attorney, consider working with a financial advisor and a tax professional. Together, they can help ensure your financial and estate plans are aligned and working toward your long-term goals.
Share Your Plans with Your Family
Although estate planning can be a difficult topic to bring up, it’s important to have open conversations with your loved ones about your wishes. Whether you choose to share specific financial details or simply discuss your values around money, these conversations can help prepare your children or grandchildren for their own financial futures.
Have the Proper Tools in Place
As you take these first key steps, consider the essential planning tools available to you, including a will, trust, durable power of attorney, and advance healthcare directive. One of the greatest benefits of an estate plan is that it can be customized to reflect your specific goals and intentions, whether you’re looking to reduce taxes, avoid probate, or simply communicate your wishes to those you leave behind.
Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
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