10 Tips for Estate Planning
Video Synopsis — “10 Tips for Estate Planning”
CAPTRUST advisor Jared D’Orazio walks viewers through a practical, 10-step checklist for protecting family wealth and ensuring assets transfer exactly as intended.
Put key documents in writing. Draft or update your will, financial and medical powers of attorney, and advance directives so loved ones have clear instructions when they need them most.
Audit your beneficiary forms annually. Retirement accounts, life insurance, and annuities bypass the will—make sure designations aren’t stuck on an ex-spouse or a now-adult child.
Leverage trusts where useful. A revocable living trust or testamentary trust can speed settlement, keep matters private, and add tax or creditor protection.
Calculate the right life-insurance cushion. Coverage should replace income, pay debts, and fund future goals; revisit the amount after major life changes.
Consider an irrevocable life-insurance trust (ILIT). Moving ownership outside your estate keeps large death benefits from inflating estate-tax liability.
Maintain enough liquidity. Cash or easily sold assets prevent heirs from having to unload real estate or a business at fire-sale prices just to cover taxes.
Coordinate with a spouse’s plan. Large bequests or jointly held property can unintentionally push a surviving partner’s estate above exemption limits.
Use lifetime gift allowances wisely. Annual exclusions and the historically high unified credit let you transfer assets tax-free while alive.
Insure key people if you own a business. Key-person policies provide working capital and protect enterprise value during a transition.
Keep the plan current. Move to a new state? Welcome a grandchild? Change your mind? Update documents and beneficiary forms promptly.
D’Orazio closes with a reminder: estate planning feels like a sacrifice now, but the payoff is peace of mind for both you and your heirs. And if you need help, CAPTRUST advisors are “just a phone call away.”
To download a copy of the transcript, click here.