Estate and Distribution Planning
Estate Planning:
Experience tells us there is nothing more critical than planning for the future, safeguarding assets and making sure loved ones are cared for in time of need. We can help you sort through your many estate planning options and chart a secure path for your finances.
Estate planning is a process that involves family, trusted advisors and, in many cases, charitable organizations of your choice. It also involves your assets and all the various forms of ownership and title that those assets take. Estate planning can even play an important role in your welfare and needs, by helping to plan for your health care if you are no longer able to care for yourself.
Estate planning helps to clarify how your assets will be managed for your benefit if you are unable to do so. It also determines when certain assets will be transferred to others, either during your lifetime, at your death, or some time after your death, and to whom those assets will pass.
There are various tools used in estate planning including the will, various types of trusts, beneficiary designations, powers of appointment, various forms of property ownership gifting, and powers of attorney.
Wills
A Will is a legally executed document containing a declaration of how a person wishes his or her possessions to be disposed of after death.
Trusts
Trusts permit money or property to be owned and managed by a person or entity for the benefit of another. Trusts frequently appear in wills. Trusts provide for the protection of assets for the benefit of the beneficiaries and can be positioned outside of the owner’s estate.
Distribution Planning:
Stretch IRA
Once distributions from an IRA begin, the funds are intended to be distributed to the owner over his or her lifetime. That date can be extended by naming a successor beneficiary to the original beneficiary via a Stretch IRA.
Required Minimum Distributions (RMDs)
A Required Minimum Distribution is the minimum amount the IRS requires you to withdraw from your retirement accounts annually beginning in the year you turn 701/2.
Strategies:
Life Insurance
Life insurance pays a specified sum of money to a designated beneficiary upon the death of the insured. Life insurance products include both term and permanent forms of insurance. Integrity Advisors can show you which product is most appropriate for your situation.
Succession Planning
Succession planning ensures that the business continues upon the death or permanent disability of the owner. Integrity Advisors works with its clients to develop and implement effective succession strategies.