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Effective Estate Planning Tips

by AOG Wealth Management

It can be very helpful to your family to make the necessary preparations for your estate now – before you pass away – to alleviate stress, confusion and to ensure your assets are properly managed and disbursed.  Through successful estate planning, you can decide that your assets are well-managed following your death, so you can continue to provide for your family.

effective estate planning tips

As a top investment management expert, AOG Wealth Management can help you throughout the process. Here are some ways to plan efficiently:

Prepare a Trust or Will

Dying without a will or trust enables state law to identify who inherits your assets. This involves non-financial assets that you may consider important. Without proper estate planning documents, the court will provide most of your assets to your spouse and children, then to your other relatives. Meanwhile, your property goes to the state if you have no family. Seek the help of a financial advisor to assist you with important details.

Compile the Important End-of-Life Documents

One of the common misconceptions about estate planning is that it is only necessary when someone is about to pass away. As your trusted asset management specialist, we recommend arranging this early. This can go a long way toward easing the challenges of handling your business during a critical situation. Help your family to achieve your wishes by giving them the following documents:

  • A Durable Power of Attorney. This lets you name someone to manage your finances and legal affairs. This includes paying your mortgage, signing your tax returns, and selling your assets if required.
  • A Living Will or An Advance Healthcare Directive. This provides a representative the power to make medical decisions when you’re incapacitated.
  • An Up-To-Date Will or Trust. Aside from assets, a will allows you to name someone to take care of your children in case they are orphaned.

Manage Your Taxes

You can lessen the estate and income tax that your beneficiaries might owe by utilizing tax-efficient strategies. For example, if charities are one of your beneficiaries, then you can leave them your taxable assets. Meanwhile, you can assign your tax-free assets, such as your retirement accounts and life insurance, to your other beneficiaries.

You can deal with your estate planning easier when you turn to the premier asset management experts like AOG Wealth Management. Call us at (866) 993-0203 to learn more about our services. You may also schedule a complimentary consultation. We offer our services in McLean and other communities across Virginia and Washington, DC.

Securities offered through TD Ameritrade Institutional Services located at 7801 Mesquite Bend Drive, Suite 112, Irving, TX 75063-6043. Investment advisory services offered through AOG Wealth Management, Inc. AOG Wealth Management, Inc. is neither an affiliate nor subsidiary of TD Ameritrade Institutional Services.

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual.  We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

AOG Wealth Management does not provide tax or legal advice.  Please consult with your tax and/or legal advisor for such guidance.

Category: Blog