Estate Planning


Suppose you or a loved one suffers a serious injury or illness. You’ve been diligent about saving for retirement, but your plan didn’t account for an unexpected health crisis. How will you pay for the care you need and make sure your loved ones are financially secure without depleting your accounts? Who will make decisions on your behalf if you’re unable to do so? What would happen if you pass away?


We understand that these conversations can be uncomfortable. Unfortunately, the situation often becomes much worse if the burden shifts to your loved ones because you didn’t plan proactively. Our compassionate team will walk you through various scenarios and explain your options in terms you understand. If you’re ever faced with a serious health issue, you’ll be able to focus on what matters most instead of worrying about how to pay healthcare bills.


There are a number of factors we consider during estate planning.


Transfer of Wealth


Estate planning allows you to decide who receives your assets, how and when those assets will be distributed, and who will manage your estate or business. If you would like to leave all or a portion of your assets to a charitable organization, such as a local nonprofit, your church, or your alma mater, we can help you choose which entity receives which assets, using a charitable structure that best suits your needs.


Control of Your Assets


Estate planning gives you control over how you want your assets handled while you’re living and after you’re gone. Many folks, however, make estate planning decisions to achieve one goal without realizing that they could be creating another problem.


For example, you might choose to minimize your tax obligations by leaving money for loved ones in a trust, but you could end up forfeiting control of that money while you’re alive. If you were to fall ill or become disabled, decades of savings could be wiped out quickly. An important part of tax planning is making sure you receive the care you need and that someone you trust is making decisions on your behalf.


Minimizing Tax Obligations


Estate planning should minimize potential taxes without interfering with other financial goals. We’ll explain the strategies you can use to minimize federal and state taxes when you give away wealth while you’re alive and when you pass away.


Asset Protection


An asset protection plan identifies the potential exposure of your assets to creditors, as well as strategies for minimizing that exposure. Asset protection planning deals with ownership issues, liability insurance, statutory protections, special needs trusts, offshore and domestic trusts, prenuptial agreements, divorce, and business dissolutions.


Contact us to create a master plan for managing and distributing your assets according to your wishes.


Millstone River Wealth Management does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.