Estate Planning and Distribution

Optimizing your assets during life is essential to a sound retirement plan. In the same way, a well-designed estate plan is essential to protecting your legacy after life. Your final wishes may involve family, philanthropy or both. Either way, estate planning and distribution can be the most important piece of the puzzle.

Few people realize how time-sensitive estate planning is. As the years pass, your options usually narrow. Proper estate planning means understanding every option while there is still time to act. Below is how we help, from listing your assets to working with your attorney. We also review the plan as laws change.

When we work with clients for years or decades, we notice something. Their priorities change when they confront their mortality. Thoughts turn to the security of their families, or the charitable causes that matter most. These start to take center stage for assets they may not use during life. The problem however, usually comes down to one thing that affects much of financial planning: timing.

Our team of experienced advisors will help you define your wishes and draft a plan before it is too late. Our estate planning and distribution work uses a variety of techniques centered on tax efficiency and cost effectiveness. The goal is to help you distribute estate assets on your terms.

Do you draft wills and trusts?

No. A qualified estate planning attorney drafts your will, financial and health care powers of attorney and any trust documents. We help you define your wishes, then list and value your assets. We also coordinate with your attorney and map how each asset will transfer.

How often should I review my estate plan?

We recommend a review at least every five years. However, review sooner after a marriage, divorce, birth, death, move or significant change in your assets or the law.

Do beneficiary designations override my will?

Generally, yes. Accounts such as IRAs, 401(k)s and life insurance pass to the named beneficiary, regardless of what your will says. See Have You Checked the Beneficiary Designation of Your Retirement and Other Accounts?

Does Connecticut have an estate tax?

Yes. Connecticut is one of the few states with its own estate and gift tax. Its exemption currently follows the federal amount. However, state and federal law can change, so larger estates should plan with both in mind.

What should I gather before we start?

Start with a list of what you own and its value. Include real estate, vehicles and other valuables, insurance policies, and recent bank, brokerage and retirement statements. From those we build a personal balance sheet of your assets and liabilities.

Further reading: Legacy Planning Tips for Baby Boomers, How to Plan Your Estate for a Secure Future and 5 Practical Estate Planning Tips.