Planning for Incapacitation & Death

Brian A. Magnan CFP®, AIR®
Director - Magnan Family Wealth Management

We recently received a call from a client/friend (not sure on the difference, but I digress).  He stated it was the worst day of his life because his wife was on the edge of passing away.  The purpose of his call was to review the next steps for her money.  Since our plan was already in place, it was an easy discussion.  We were able to focus on the emotional aspect of the conversation, rather than anything administrative or financial.

I have been providing guidance for over 30 years, and our approach to integrating emotional support with investment planning is truly holistic. Our expertise in navigating the complexities of estate planning is crucial, especially during such sensitive times.

Here’s a brief overview of the areas where we can assist, which might be helpful for those unfamiliar with the process:
  • Beneficiaries on Accounts: Ensuring that beneficiaries are correctly designated on all types of accounts (tax-deferred, tax-free, and taxable) to facilitate the transfer of assets.
  • Primary & Contingent Beneficiaries: Establishing primary beneficiaries and contingent beneficiaries as a backup in case the primary beneficiaries cannot inherit.
  • Pro-rata vs Per Stirpes: Deciding whether assets should be distributed evenly among all beneficiaries (pro-rata) or if a deceased beneficiary’s share should pass to their descendants (per stirpes).
  • People vs Trust: Choosing between individuals or a trust as beneficiaries, which can have significant legal and tax implications.
  • Trust vs Will: Understanding the differences between a trust (which can provide more control over assets and avoid probate) and a will (which is a legal document that outlines asset distribution after death).
  • Powers of Attorney: Setting up financial and health care powers of attorney to allow designated individuals to make decisions on one’s behalf if incapacitated.
  • Avoiding Probate: Taking steps to ensure assets can be transferred to beneficiaries without going through the probate process, which can be lengthy and costly.
  • Minimizing Taxes: Strategies to avoid or minimize estate and income taxes for the beneficiaries.
  • Successor Trustees and Corporate Trustees: Assigning successor trustees who can manage trusts if the original trustee is unable to do so and considering the addition of a corporate trustee for professional management.
  • Preparing Beneficiaries: Educating and preparing beneficiaries for inheritance to ensure they are ready for the responsibilities that come with it.

    Our role in facilitating communication between estate planners, accountants, and other financial professionals is vital in creating a seamless transition for our clients’ beneficiaries and trustees. Our experience offers a unique perspective that complements the technical expertise of other professionals involved in estate planning.
Magnan Family Wealth Management

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