Estate Planning Services
Harbor Lights Financial Group’s estate planning services offer clients a commitment to the sound advice, strategy, and execution necessary for the management of an estate. And because we have no obligation to sell any specific financial product, you can trust that in the event investments are ever needed, we will only recommend those investments best suited to our client.
What is Estate Planning?
Estate planning is the preparation of tasks that will serve to manage a person’s assets in the event of their incapacitation or death. It not only considers the management of a person’s assets but quite possibly debt obligations too. It determines if those assets (or debts) will be preserved, managed, and/or distributed. Reasons for planning an estate might include the preservation of family wealth, using assets to support a surviving spouse or family member, funding a child’s or several children’s education, and/or contributing to a charitable cause. There is also planning to avoid probate court (court of contested wills and estates), the minimization of tax obligations, and/or providing an orderly distribution to beneficiaries. At least, this effort should set out to preserve the maximum amount of assets possible for all intended.
The goal of this planning can only be determined by interaction with the estate owner, and it often includes some assistance from an experienced attorney. Depending on their wishes and needs, estate planning can be simple or it can be very complex. For instance, in the case of surviving children or maybe an incapacitated beneficiary, a guardian (or guardians) may become necessary. A good estate plan might include a will, a trust, or trust(s), the ‘power of attorney,’ a health care or medical directive, and a beneficiary designation or designation(s).
A will is a legally binding document that directs who gets the property, assets, and/or debts after the estate owner’s death. A trust can limit estate taxes by setting up trust accounts in the name of the beneficiaries. Power of attorney (POA) is set up to direct the assets and investments legally or officially when the time comes to do so. Health care or medical directive might determine the establishment of a guardian for living dependents and/or the setting up of funeral arrangements. And there is updating beneficiaries, for example, on any plan for life insurance, an IRA, or a 401(k).
Summarized, an estate plan, sometimes referred to as Legacy Plan, is an assets plan of action that may apply during a lifetime or after death.
Why Harbor Lights Financial Group for Estate Planning Strategies?
Harbor Lights Financial Group is committed to a set of standards! These standards include that we will always do the right thing, always ask the right questions, and always be accountable! We intend to help our clients make the most objective choices based on in-depth professional knowledge & support. And Retirement Planning options & choices will never solely be management driven. And if any one of these services is of interest, please ask us about Retirement Planning, Life Insurance Planning, Generational Planning, Lifetime – Tax Free Income Planning or College Planning today!
We are also a team of advisors and CERTIFIED FINANCIAL PLANNERS™ (see below)— professionals who help people like you with customized strategies designed to enhance and/or preserve your assets for retirement. We work to realize your financial goals, empowering you to enjoy the freedom that brings.
Robert Tendler – CFP CLU
Jonathan Shippee – MBA CFP
Douglas Lockwood – CFP
David Scureman– MBA CFP
Kenneth Roberts – CFP
Trust services are available through banking and trust affiliates in addition to non-affiliated companies of Wells Fargo Advisors. Wells Fargo Advisors and its affiliates do not provide legal or tax advice. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
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If you have any questions, Please Contact Us Today!