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Securing Your Future: Understanding the 4 Pillars of Estate Planning

Doug Kronk • Oct 19, 2023

Estate planning might not always be top of mind, but its significance cannot be overstated. It's about safeguarding your legacy, ensuring your loved ones are cared for, and making certain your assets are distributed according to your wishes. While consulting an estate attorney is pivotal, I've noticed some common oversights impacting finances among clients and wanted to share guidance to help navigate this crucial aspect of your financial well-being.


1. Beneficiary Designations and Updates



Keeping your beneficiaries current on your financial accounts is key. From brokerage accounts to life insurance policies, updating these designations ensures your assets go to the intended recipients. Consult your attorney about Transfer on Death (TOD) strategies, potentially enabling assets to bypass probate. Aligning beneficiaries across accounts helps avoid confusion and ensures your assets are distributed as intended. Should you require assistance with updating or designating beneficiaries, please reach out to us.


2. Financial Power of Attorney


Planning for incapacity is prudent. A durable financial power of attorney appoints someone to manage your affairs should you become unable to do so. Confirm this critical plan is in place through consultation with your attorney.


3. Taking Inventory of Your Assets


Conducting an inventory of your assets, both tangible and intangible, is a valuable exercise. This includes physical possessions, investments, accounts, and more. Assigning values, whether through research or professional appraisal, helps ensure accurate distribution and provides peace of mind.


Organize and secure all relevant documents such as insurance policies, wills, deeds, and account information. Proper organization is vital in facilitating a smooth estate transition.


4. Consult with an Attorney


Regardless of estate size, seeking guidance from an estate attorney or tax professional is highly recommended. Whether discussing wills, trusts, business succession, or other legal aspects, professional counsel can provide clarity and ensure your plans align with your circumstances.


Remember, it's never too early or too late to establish these crucial financial safeguards.

Should you need assistance with beneficiary updates or clarifications regarding accounts, please don't hesitate to contact us. This message serves as information and not legal advice.


As always, I'm here to assist whenever you need.

How “Higher for Longer” Interest Rates Can Impact Your Investments

By Doug Kronk • 02 May, 2024
The stock market has had a rough ride this past month. The S&P 500 index closed out April at 5035.69, down over 200 points (-4.2%) since the close of March. Investors have become pessimistic and frustrated, and it’s largely because the deep interest-rate cuts that the market expected early in the year just aren’t materializing. The “good news” coming out of the Fed’s May 1 meeting was that Chairman Powell didn’t see any new rate INCREASES on the horizon. While there will certainly be opportunities to make money in a high interest rate stock market, investors would be well-served to evaluate their holdings and potentially make some changes.

Trusts and Tax Rates: Some Notable Considerations

By Doug Kronk • 04 Apr, 2024
Trusts are a legal entity that is commonly used to hold assets for future distribution or management purposes. For example, it is common for some families to create a trust to fund their children’s college education, contributing funds that the children can later withdraw to pay their college expenses while going to school. It is also common to place the family home and assets into a trust that will own the property, potentially indefinitely, to ensure the home, its furnishings, and additional assets always stay within the family. Trusts and taxes can become very complicated, however. To be certain that you make good decisions, it is advisable that you work with a team that specializes in this area to help clarify relevant issues, such as a financial advisor, CPA, and an attorney. 
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