Estate and Legacy Planning

    You've worked hard to build your wealth. Estate and legacy planning ensures that your assets continue to support your loved ones and the causes you care about. At First State Financial Management, we help you make the proper arrangements to protect your legacy.

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    Ways to Leave a Legacy

    Wills

    The cornerstone of any estate plan. Wills allow you to distribute property, name an executor, appoint guardians for minor children, and create trusts.

    Trusts

    Flexible tools to manage and distribute property. Options include living (revocable) and irrevocable trusts, each with unique benefits for tax planning and asset protection.

    Estate Beneficiary Designations

    Used for life insurance, annuities, and retirement accounts. Ensure your designations are up-to-date and aligned with your overall plan.

    Joint Ownership

    Property owned jointly with rights of survivorship passes directly to the surviving owner. Useful for certain assets like checking accounts or vacation homes.

    Benefits and Cautions to Consider

    Benefits of Estate Planning
    • Distribute property according to your wishes
    • Protect minor children through guardianship and trusts
    • Minimize estate taxes and probate delays
    • Ensure continuity of support for family and charitable causes
    • Plan for incapacity with living trusts and powers of attorney
    Cautions to Consider
    • Beneficiary designations override wills and trusts
    • Joint ownership may expose assets to co-owner's creditors
    • Minor children should not be named directly as beneficiaries
    • Trusts require proper setup and funding to be effective
    • Estate plans should be reviewed regularly as circumstances change

    Ready to Take the Next Step?

    Lets help you build a strategy that works for your future. Contact us today to explore estate and legacy planning options tailored to your goals.

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