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Effective estate management enables you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and ensure that they're carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.
Everything you have accumulated during your lifetime is considered your estate. That includes your home, bank accounts, insurance policies, and other valuables as well. Ensuring that your legacy is carried out according to your wishes after you pass requires a well-planned strategy.
To speak to someone about estate planning, schedule a consultation with a Wealth Management Consultant at Hudson Valley Credit Union at your local branch or contact us at 845.463.3366.
It’s important to have an estate planning strategy in place as soon as you have acquired assets or are legally responsible for minor children. Your specific plan may begin with a simple will and develop into a full-fledged strategy that includes joint accounts, beneficiaries, guardians, asset preservation, and income tax management.
We have a referral list of qualified tax accountants and attorneys in the area to help you in developing your estate plan. These affiliates have gone through an extensive qualifying process to ensure the highest level of quality service. Ask us about our referral list to learn more.
There are a variety of tools to evaluate when planning your estate. Flip the cards below to learn more.
A Will is the most critical element of your estate plan. Without a will, a state court will choose an administrator for your estate upon your death. Regardless of any wishes you may have had for your property, it will be distributed according to state laws.
Enable you to transfer assets to your heirs free of Federal estate tax, by dividing your estate into two parts upon your death. One part passes directly to your spouse while the other is placed in a trust created by your will.
A Two-Trust Estate Plan, using a credit shelter trust along with one other trust, saves estate tax the way a credit shelter does, but also places the other assets that pass to your spouse under the marital deduction in a trust, rather than passing to your spouse outright. You may give your spouse a lifetime power to distribute trust property, or give your spouse power to distribute property only by will.
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Charitable Gifts made during your lifetime or upon your death can also help manage estate taxes. Gifts can be made outright or in a trust. Charitable gifts named in your will may be claimed as an estate tax deduction by your estate.
QTIP Trusts, or Qualified Terminable Interest Property (QTIP) trust gives your surviving spouse a life income while you are able to choose who will receive property in the trust after your spouse's death. Your spouse may have to pay estate tax on QTIP trust assets but the assets themselves must be distributed as you have directed in your trust agreement.
To aid in planning your estate, it’s helpful to have as much of the following information on hand as possible.
Don’t wait. Now is the perfect time to take the first steps in securing your wealth for your future, and for generations to come. Schedule a consultation or call us today at 845.463.3366.
Wealth Management at Hudson Valley Credit Union and LPL Financial do not provide tax or legal advice or services. Please consult your tax or legal advisor regarding your specific situation.