There is a common misconception that the word estate has to be from vast wealth or complicated investments. For all people that own assets (including a home), it is essential to make sure you have your estate plan in order.
As a result, we have great relationships with business, tax, and estate planning attorneys nationwide. We can help you find you an excellent match to ensure you can work with someone you trust. We often work alongside the attorney to explain your assets and execute on your wishes for the future.
We see ourselves as part of your overall team and facilitate group meetings with MWM as advisor, your estate planning attorney, CPA, and family members to ensure everyone is on the same page as part of our services. We also understand from years of experience that being a trustee is hard work even without complicated family dynamics. At McGee Wealth Management, we can help you facilitate naming a corporate trustee either through Raymond James Trust, N.A.** or another you feel comfortable with to ensure your investment assets are handled appropriately and without burden to your family.
Estate planning is an integral part of financial planning, and we are qualified and ready to help.
Do not let a lifetime of careful planning and wise investing be seriously compromised by a failure to plan for the efficient distribution of your estate. The tax collector will gladly take from your heirs any amount you leave unprotected.
As your trusted advisor we help you work through these goals to have them well established so you can clearly communicate with your attorney and family members.
Your estate planning documents should reflect your values and give guidance to your spouse, children, friends, or charities.
The primary purpose of estate planning is to pass your wealth on to your heirs while minimizing tax liabilities and saving them the burden of making troublesome (and often costly) decisions after your death.
If you die without a will in your heirs' inheritances will be determined by state law. If you died in Portland, Oregon, your estate will be divided according to a pre-arranged formula that may not reflect your wishes at all (see the chart below). There are no provisions for your favorite charities, your church, or to those close friends you may care to remember. Second marriages with children of a previous union split the estate.
If you die with...
Here’s what happens.
...children but no spouse,
children inherit everything.
...spouse but no descendants,
spouse inherits everything.
...spouse and descendants from you and that spouse,
spouse inherits everything.
...spouse and at least one descendant from you and someone other than that spouse,
spouse inherits 1/2 of your intestate property and descendants inherit everything else.
...parents but no spouse or descendants,
parents inherit everything.
...siblings but no spouse, descendants, or parents,
siblings inherit everything.
There are vast differences between the states. Community property states will most likely give any current spouse the entire estate. Children from a prior marriage may not receive anything from their parents without estate planning to protect them.
And simply writing a will is not enough if you want to protect the interests of children, a disabled dependent, or anyone who is not likely to manage the assets you leave behind effectively. Today, a variety of trust plans are available that give you a say in how your assets are used following your death, and they are not just for the very rich.
You do not have to be wealthy to see how a little estate planning now can go a long way toward conserving your holdings when it counts the most. You want to end up with an estate plan through which your assets are distributed in an orderly, efficient fashion and in precisely the way that you want them distributed.
Simply creating a will and naming an executor is no guarantee that all the decisions made will be in the best interests of those you love.
A trust is a tool that allows you to create a pool of inheritance assets that can only be used in the way you dictate. In some cases, the assets in a trust become the property of your heirs and are no longer taxed as part of your estate. In all cases, if a trust is well designed, it can protect your heirs from the mismanagement of their funds.
Among your primary estate-planning goals are the security and well-being of your heirs.
While we are familiar with the tax provisions of the issues presented herin, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.
**Raymond James Trust, N.A. is a subsidiary of Raymond James Financial, Inc. Raymond James Financial Services, Inc. Is affiliated with Raymond James Trust, N.A.