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Estate Planning

Overview:

The term estate planning encompasses the accumulation, conservation and distribution of an estate. The overall purpose of the estate planning process is to develop a plan that will enhance and maintain financial security. Estate planning may lead to increases in a client’s estate as well as the conservation of existing assets. Proper estate planning should facilitate the intended and orderly disposition of property at death.

Obstacles to Effective Estate Planning:

  • Failure to plan for death
    • not executing or updating a will
    • not taking the time to think about who gets what and when
    • believing the state succession statutes will cause property to pass the way the estate owner would want it to
  • Outdated plan
    • birth and death of family members
    • tax law changes
  • Overlooked provisions
    • guardianship
    • simultaneous death
    • tax apportionment
  • Improper tax planning
  • Improper ownership of assets
  • Failure to plan for disability, illness, or changes in or loss of employment
  • Failure to consider inflation
  • Lack of liquidity
  • Pychological factors
    • dealing with mortality
    • procrastination

Our Estate Planning Process:

First, we must collect data so that your existing estate plan must be evaluated for potential impairments. After that, we work with your attorney and design an estate plan that is approved by the you. After you review the plan, it must be implemented. This stage includes the execution of any necessary legal documents and transfers for arrangements of property. Last, it is important that there periodic reviews of the plan, particularly at times of change in life or tax laws.


Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.

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