Let’s Talk About Estate Planning

Plan for Your Own Needs, Including the Unexpected

“Life throws us so many curve balls, and it’s important to be as prepared as possible,” says Erin Nunes, an attorney at Surprenant & Beneski. Families and loved ones who haven’t done any advanced planning are sent to the probate court, where a judge will decide who in the family will handle issues, such as medical decisions or care for minor children. “That court process can be both time-consuming and expensive, and the result may not be in line with what you would have chosen for yourself,” says Nunes. 

Minimize Transfer Taxes

“For clients with an estate above $1 million, we help them save tens of thousands of dollars in estate tax,” says Daniel Surprenant, managing partner at Surprenant & Beneski. Take, for example, a married couple with an estate of $2 million, which includes their home, retirement plans, and life insurance. If the couple works with estate planners, says Surprenant. “They will typically save $100,000 in tax by use of revocable trust planning.”

Protect Your Wealth

Planning ahead can ensure a client’s legacy and intent for generations. “A trust can make sure that the inheritance will be properly invested, managed, and distributed over time,” says Surprenant. “Some clients set up a family vacation home in a trust to make sure that it is enjoyed by all family members for generations to come.” 

Surprenant & Beneski also works with clients who have charitable intent. They can suggest either particular charities or a community foundation to assist in identifying the right fit. “Clients have relayed great satisfaction in knowing that a cause near and dear to them will benefit from their efforts,” says Surprenant.

Peace of Mind for Yourself and Loved Ones

“A good estate plan can put future generations in the most favorable position possible,” says Nunes. That could mean providing a nest egg for special needs beneficiaries without impacting important government benefits they may be entitled to, providing rules and guidelines for trustees holding funds for minor beneficiaries, minimizing tax implications, and protecting an inheritance for beneficiaries from some of the unexpected events that can happen such as divorce, creditors, and lawsuits.

It also provides a roadmap for your loved ones. “Not everyone is comfortable being entirely open about their finances, estate plan, and the reasons why they have made certain choices,” says Nunes. “Having a clear and thoughtful estate plan can ease the way for your loved ones and chosen decision makers should they need to step into your shoes and care for you or execute your choices after you’ve passed.”