Protect your wealth proactively and establish a plan for your assets.
Royal Oak Financial Group helps families with the economic challenges facing us as we get older. We help clients better understand the financial matters of estate planning as well as elder law issues. These issues often include long-term nursing home care and special needs or disability assistance, as well as wills, trusts, asset protection, and more. Our elder law attorney will work with clients to create the right plan to protect their loved ones and ensure their future is secure, no matter what their retirement and estate planning needs. We treat each client with courtesy and compassion and understand they may have many age-specific concerns. Start the steps to estate planning success:
Ensuring that there is something left for your heirs is one step in estate planning — and a common motivator to start the process.
Wikipedia defines estate planning as “… the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death, while minimizing gift, estate, generation-skipping transfer, and income tax. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can be determined by the specific goals of the client and may be as simple or complex as the client’s needs dictate. Guardians are often designated for minor children and beneficiaries in incapacity. The law of estate planning overlaps to some degree with elder law, which additionally includes other provisions such as long-term care.”
Why should I plan?
Going through the estate planning process is not just for the very wealthy. If you have savings and assets that you expect to leave to your heirs, you need an estate plan. Do you have assets and wealth you want to protect? Use the services of a financial investment advisor and/or advice from an elder law attorney to ease the estate planning process. It will also guide you to the right plan for you and your family. Some components of estate planning include:
- Assigning power of attorney should you become unable to make appropriate decisions about financial matters, or even your health
- Creating a will, specifically naming your heirs and what you are leaving them individually
- Establishing a trust
- Long-term care insurance
- Keeping tax liability at a minimum
- And more