Estate planning is preparing for the management and distribution of your assets after your death. At Intermountain Wealth, we will explore and create a plan that outlines how your assets will be distributed to your heirs.
Ensure your assets are protected and meet your current goals. If you don't have a current will, we'll be happy to assist you and make sure you feel comfortable about your future.
Have more questions about our financial services? Feel free to schedule an assessment with our team.
Free AssessmentTo ensure that your estate plan is carried out according to your wishes, it is important to communicate your plan to your heirs and beneficiaries, and to designate a responsible executor or trustee to manage the distribution of your assets. It is also important to periodically review and update your plan as your circumstances change, and to work with an experienced estate planning attorney or financial advisor to ensure that your plan remains up-to-date and effective.
Some common mistakes to avoid in estate planning include failing to create an estate plan, neglecting to periodically review and update your plan, failing to coordinate your plan with other financial and legal documents, and failing to communicate your wishes to your heirs and beneficiaries. It is also important to ensure that your plan takes into account any changes in tax laws or other regulations that may affect your estate.
A trust is a legal arrangement in which you transfer ownership of your assets to a trustee, who manages those assets on behalf of your beneficiaries according to your instructions. A trust can provide additional flexibility and control over the distribution of your assets, and may also offer tax benefits and other advantages. You may consider creating a trust if you have significant assets, complex family dynamics, or specific wishes for how your assets should be distributed.
To create an estate plan, you should start by assessing your current financial situation and assets, and identifying your heirs and beneficiaries. Then, you can work with an estate planning attorney or financial advisor to create a plan that outlines how your assets will be distributed, taking into account your wishes and the needs of your heirs. It is important to periodically review and update your estate plan as your circumstances change.
An estate plan typically includes a will, which outlines how your assets will be distributed after your death, and may also include a trust, which can provide additional flexibility and control over the distribution of your assets. Other documents that may be included in an estate plan include powers of attorney, which authorize someone to make decisions on your behalf if you become incapacitated, and healthcare directives, which outline your wishes for medical care in the event that you are unable to make decisions for yourself.
Estate planning is important because it allows you to control how your assets are distributed after your death, and to minimize taxes and other expenses. It can also help to ensure that your heirs receive their inheritance in a timely and efficient manner, and that any special needs or circumstances are taken into account.
At Intermountain Wealth Management, we are fiduciary financial advisors. Meaning that we must act in your best interest. Our firm will provide recommendations on which strategies will work best for you and your family.
We at Intermountain Wealth Management strive to provide exemplary financial services for clients from all walks of life. Here are two reasons why this is important:
As a “fee only” advisor, we believe that a client’s goals and values should be an integral part of any plan.
We strive to help our clients through the downturns and market corrections that are a natural part of the financial world.
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