Even if you do not expect your estate value (including death benefits from insurance policies) to total more than the current IRS limits, you may need an estate plan. If you do nothing to control the disposition of your estate, by default you have an estate plan - one designed and administered by the government, with no regard for the needs and desires of you and your family. Proper estate planning can use lifetime gifts and trusts to minimize your estate tax liability. With the help of your financial advisor at CHA, we can complete a comprehensive estate plan for you to review with your accountant and attorney.
Transfer on Death
Dealing with a death in the family is an emotionally draining and challenging time, but having to struggle with assets that are held up in probate as well can cause even more pain unnecessarily. To help make sure your dependents receive their inheritance according to your wishes, you may want to consider a Transfer on Death Agreement. This legal arrangement enables you to pass ownership of certain assets in your name directly to beneficiaries you choose, thus bypassing the potential entanglements of probate. Your financial advisor at CHA can help you sort through the issues, and can tell you whether a Transfer on Death Agreement would be appropriate for your situation.