Estate Planning

 In Family Office

What will happen to your assets when you are no longer here?

There’s that old saying that everyone knows, “There are two things in life you can’t avoid, death and taxes.” While Goldbach Capital is also prepared to assist you in your tax compliance, we are here to talk about the prior. When the time comes, there is only one way to ensure that your wealth, assets, and home are taken under the care of the proper people. That is estate planning.

It can be an uncomfortable act to think about one’s own mortality, but estate planning is important when preparing for the inevitable.

Estate planning falls under a large, equally important stage of your life which is retirement planning. During your time planning your retirement, you will determine who you will be spending your golden days with, how much money you will want to set aside, when you plan to retire, and more. For a breezy retirement, your planning should begin early.

While you are making all of these plans for a stress-free retirement, you’ll also begin to wonder what happens when you’re gone? The next step in your life is estate planning. This will make life easier for the ones you love when it comes time. Making an estate plan, you can guarantee that all of your belongings and wealth are allocated correctly.

Many believe that creating a will is all it takes to plan for their passing, but it’s much more than that. Estate planning includes:

  • Taking inventory (both physical and non-physical)
  • Property Management
  • Healthcare Directive
  • Living Trust
  • Creating a Will

Our family office services, with a hands-on approach that takes our clients’ values at the heart of our process, can assist you in the process of planning your estate. It’s no easy task, especially for an individual with many expensive assets. Let us look at some of what goes into estate planning.

Estate Planning Needs

Inventory

Before deciding where to allocate your wealth and items, you will want to take an inventory of your belongings. Making an inventory of physical items may involve going through the inside and outside of your home and making a list of anything that is worth over $100. This can include vehicles, electronics, power tools, art, antiques, and more.

You will also need to make an inventory of non-physical assets, which include things owned on paper like brokerage accounts, IRA assets, life insurance policies, and other insurance policies like long-term care, auto, health, and homeowners insurance.

It’s important to count any debts you have, as well. This includes lines of credit, mortgages, and any other debts.

Wills and Trust

Anyone 18 and over should have a will. Without one, havoc can ensue when it comes time to distribute assets.

The document that explains which people or organizations will receive assets after one dies is the will. This may be the most important part of your estate planning, especially if you have a large number of assets. The will makes sure that property is distributed according to your wishes. In the will, an executor is named. This person is responsible for making sure any outstanding debts and taxes are paid.

A trust is a legal document that puts your assets into a trust for while you are alive and then transfers any remaining assets to designated beneficiaries when you pass. It is overseen by a trustee of your choosing. Trusts can help limit estate taxes or some legal challenges.

As easy as these documents might seem to create, the wording is crucial. A will or trust must be written consistently with the way you have allocated the assets that are bequeathed outside of the will. This means naming a person as a beneficiary of a policy commonly passed outside of a will, such as an insurance policy, as it is listed on the will. If two different individuals are given the same asset, it can lead to a will contest, which could lead to further, more personal problems.

Durable Power of Attorney

When you pass, you will no longer be able to speak for yourself. So, before the event occurs, you will decide a durable power of attorney. The individual you choose will be assigned to act on your behalf. Without such assignment, a court could be left to make decisions on your behalf as to what happens to your assets. This can also be the case if a medical condition occurs where you are no longer mentally competent. The court’s decision may not align with your own desires.

The chosen person will have the power to sell real estate and make other legal decisions as if they were you. This person can be a spouse, family member, friend, or trusted advisor.

Healthcare Power of Attorney

Also known as an advance healthcare directive, a healthcare power of attorney lays out the instructions for medical care treatments should a time arrive that you are unable to make these decisions yourself. This also determines whether or not you shall undergo the use of life support and whether or not you choose to donate your organs.

Don’t Plan Alone

Goldbach Capital has the knowledge and resources to become the trusted partner of wealthy families. We offer a comprehensive range of services, by combining proprietary expertise with an external pool of first-class advisors.

Each client can decide which modules he wants to engage in with Goldbach Capital. Thanks to its efficient and cost-effective solutions, Goldbach Capital is a credible alternative to existing or projected in-house organizations.

While incorporating our approach in life simplification and cost-cutting with asset protection, growth, and monitoring, our family office services integrate your family’s vision and core values to create the right estate plan for you.

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