Estate and Tax Planning

Anyone who has assets, regardless of size or type, and wants to transfer those assets to future generations or other beneficiaries should consider estate planning.

Many people are unaware that having an estate plan can help decrease estate-related taxes and other costs, giving heirs a larger financial advantage, in addition to making it easier for assets to be distributed in accordance with their intentions. Making the transfer of assets more efficient so that your heirs can benefit sooner is another aspect of estate planning.

Without a legal will – which is the cornerstone document of an estate plan – when you die your assets could get caught up in a time-consuming and costly administrative process. Not having a valid will may result in the courts deciding how your assets are allocated.

Why don’t more people create plans for their accumulating wealth? It frequently boils down to the idea that estate preparation is difficult and costly. But many people may find the process easier and less expensive than you might imagine.

At Thomas J Power Investments and Insurance, we are trained in the building of a personalized Estate plan. We work in collaboration with other professionals such as lawyers and accountants to build an estate plan that focuses on the efficient transfer of assets and wealth to your beneficiaries. We use various products and tools at our disposal such as term and whole life insurance and registered/non-registered investment accounts. If you would like to further discuss estate planning, do not hesitate to contact us.