No matter what you want to accomplish, we will partner with you to provide ongoing, comprehensive wealth planning to help you succeed in life.
Malibu Wealth Planning can help you by walking you through the process and potentially introducing you to an estate attorney or organization that helps
people with these affairs. Again, Estate planning ensures your money is distributed how you wish when you die and that your affairs are in proper
order.
Malibu Wealth Planning has put together what we call a Wealth & Health Guidebook which is used for all the things the trust doesn’t contain. You should think of your trust as the legal documents determining who gets what. The Guidebook contains a record of where everything is kept for those who survive you. Here are some of the items the guidebook will help your survivor with:
Doing the right thing before you die is the only way to make sure things do not go wrong for your family when you are not here to sort it out.
The number of people that neglect estate planning in the US is shocking. According to the AARP, 6 in ten US citizens do not have a will or a living trust. If you do not have a plan for where your money goes once you have passed away, there is a good chance it won’t go where you would like to. Additionally, there could be costly probate expenses as well.
Probate is what happens to your estate when no living trust has been established. Probate is the process the state in which you live goes through to decide who your assets are given to. Making these decisions in advance can give you and your loved one’s peace of mind and save them a lot of money too.
Estate planning is an essential part of financial planning. It is especially important if you have dependents that rely on you financially, want certain
assets to go to certain people, or have been divorced and remarried. Without a trust the ladder is where many issues occur.
Some people do their own trusts with the help of a legal advisor and others pay an attorney to create the trust for them. Here are some of the things to
beware of and consider regarding trusts:
Trusts assist in the distribution of your assets to who you predetermine IRA’s, 401k’s, Insurance, and Annuity accounts all have beneficiary forms that act like a trust and cannot be placed in the name of a trust. All other assets like homes, cars, single and joint accounts must be put in the name of a trust. For those who have big estates Trust strategies can help limit the burden of Inheritance Tax .
Sometimes Life Insurance is used to cover taxes and expenses caused by passing on assets at death. Appointing financial guardians for children under 18. As part of the trust you’ll have a financial and medical power of attorney where you choose someone to make financial and medical decisions for you if you are incapacitated.
Taking a proactive approach to estate planning can save your family a lot of time, money and hassle. It will give you control after your death over how
much and to whom your assets go to. As I mentioned above second marriages, divorces, and mixed families are generally more susceptible to infighting when a plan isn’t laid out to where the assets go. Trusts can also be set up to pay beneficiaries at certain periods in their lives and can be set up to control income to those airs whom you don’t believe are able to manage the inheritance on their own.
Learn all the things you didn’t know that you didn’t know about planning for your retirement.