Do You Need An Estate Plan?


By Christina Bush, CES, CAS, CMFC
Wealth Manager
Certified Estate and Trust Specialist

The answer is 'absolutely'. Trusts are not just for the wealthy. No matter your net worth, you must have at least a basic estate plan in place to ensure that your family and financial goals are met at the time of your death.

Without it, the fates of your estate and your heirs are up to the court. First is the expensive process of probate, with attorney and court fees taking up to 5% of your estate's value. The appointed executor is also entitled to be paid from the assets of your estate. Add appraiser's fees and other expenses associated with estate distribution. And who decides who receives your wealth and makes the distributions? The court - but only after tying up your property for a year or longer, and making your estate public information that anyone can obtain.

But this all goes away with a well-drafted plan protecting assets inherited by your heirs. The asset can even be protected from lawsuits, divorces and other claims. It will also protect minor children, special needs children, grandchildren and even your pets. Your document sets forth who will be their guardian in your absence, instead of the court making that decision on your behalf. No two children are alike, so a customized estate plan will assure that each child's personal needs are addressed in the manner you wish. You can also impose discipline upon family members who may not be capable or experienced in managing wealth, and protect their inheritance against mismanagement by including specific conditions & rewards as part of the estate plan. Inheritance taxes can also be avoided or greatly reduced.

Establishing a revocable living trust gives you control. You can prevent or discourage challenges to your estate plan, while preserving your ability to make changes at any time. It also helps you to inventory of your assets & net worth including your investments, retirement savings, insurance policies, real estate, business interests & personal property.

Dying without a will, also known as dying 'intestate', can be very costly to your heirs and leaves you with no say as to how your estate gets distributed. Having a plan in place allows you to control your own destiny, preserve your wealth and leave a lasting legacy of excellence for your family.

If an Individual becomes incapacitated, it is important that someone have the legal authority through a Medical Directive to communicate the wishes of that person concerning their medical treatment.

Don't procrastinate. Consult with an estate planning attorney today help get your affairs in order & protect your family's legacy.

Securities America and its representatives do not provide tax or legal advice. Please consult the appropriate professional regarding your specific situation.

(written for the San Clemente Times Local Knowledge column)

CB Wealth Advisory - Private Wealth Management

_________________________________________

DISCLOSURE:

Securities offered through Securities America, Inc., Member FINRA.org and SIPC.org; Christina Bush, Registered Representative. Advisory services offered through Cooper McManus, an SEC Registered Investment Advisory firm; Christina Bush, Investment Advisor Representative. CB Wealth Advisory, Securities America and Cooper McManus are separate entities.

Christina Bush is securities licensed in the following states: AZ, CA, FL, GA, MD, MI, MN, NC, NY, OR, TX, UT and WA.

Christina Bush, licensed insurance agent: CA Insurance license #0B48734 - FL Insurance license #W050514 - NC Insurance license #2620839 - WA Insurance license # 787335

FINRA BROKER CHECK FINRA.org

A prospectus offer is required by SEC Rule 482(b)(1) that advises an investor to consider the investment objectives, risks and charges and expenses of an investment company carefully before investing; explains that the prospectus, and, if available, the summary prospectus contains this and other information about the investment company; identifies a source from which an investor may obtain a prospectus and, if available, a summary prospectus; and states that the prospectus and, if available, the summary prospectus should be read carefully before investing.

IMPORTANT CONSUMER INFORMATION
A broker/dealer (BD), investment adviser (IA), or IA representative may only transact business in a state if first registered, or is excluded or exempt from state broker/dealer, investment adviser, BD agent, or IA registration requirements, as appropriate. Follow-up, individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirements, or an applicable exemption or exclusion.

For information concerning the licensing status or disciplinary history of a BD, IA, BD agent, or IA rep, a consumer should contact his or her state securities law administrator.

Securities in accounts are carried by National Financial Services, LLC, member NYSE/SIPC, a Fidelity Investment Company, which is protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 (including cash claims limited to $100,000). NFS has arranged for additional insurance protection for cash and securities to supplement its' SIPC coverage. This additional protection covers total account net equity in excess of the $500,000/coverage provided by SIPC. This protection does not cover losses associated with investing.

For detailed information about SIPC, please visit SIPC.org.

ALL PHOTOS BY CHRISTINA BUSH

Copyright 2017 by Christina Bush/CB Wealth Advisory