An estate plan outlines how you’d like your assets to be distributed upon your passing. It helps ensure that your wishes are upheld, your legacy is cemented and your loved ones are cared for. It can also spare your family from unnecessary confusion, conflict, and tax burdens. For these reasons and more, estate planning is a pillar of any comprehensive financial plan regardless of your wealth or the number of assets you own.
Gifting money to your children and grandchildren is more than just a way of showing them how much they mean to you — it’s a way to contribute meaningfully to their financial futures, helping ensure they have the means to pursue their dreams and take advantage of life’s opportunities. But when it comes to passing wealth down to your loved ones, the strategy you employ can bear significant tax implications for you and for them.
Fortunately, there are a number of different financial vehicles to choose from that can help your family manage these taxes more effectively. Each option comes with its own set of potential benefits and considerations, and we’ll discuss some of them here. But first, there are a couple of things you should keep in mind.
Creating an estate plan doesn’t have to be difficult when you consult a financial advisor. Contact an Elevage Partners advisor today for help selecting the right options for you, your family and your WHY.
Once your primary career winds down and you shift toward leisure or different modes of work, effectively maintaining your nest egg becomes more crucial than ever. Wisely managing your resources can help you realize the retirement lifestyle you’ve been dreaming of. With that in mind, here are some common retirement missteps you should try to avoid.
The retirement landscape has shifted. Gone are the days of the defined-benefit pension plan that saw employees rewarded for their many years of loyal service with a steady stream of checks in retirement. Now the responsibility of saving for retirement often rests on your shoulders.
Fortunately, the team of retirement planning professionals at Elevage Partners can help you navigate the process with confidence and select a retirement plan that suits your individual needs and circumstances. Let’s take a look at some of the options.