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Protect your legacy with an estate plan

Legacy planning looks different for everyone. Though there are best practices to follow, planning your legacy is a personal and subjective process that takes an intimate approach when you consider the impact of the transfer of wealth to those that have made your life truly rich – your loved ones. Wealth preservation is a dynamic process of governance that must be successfully re-energized in each successive generation to overcome the threat of entropy. Now’s the time to not only determine what your legacy will be but also how to preserve it.

Your estate plan should be a fundamental element of financial planning, becoming an extension of your family’s shared values and wishes. While your financial plan will help build your legacy, your estate will safeguard it. Estate planning is the most effective way to ensure your family, business, and charitable interests have been articulated into a well thought out plan, providing the necessary structure and accountability of the financial, tax and legal considerations associated with wealth transfer.

Regardless of the level of wealth you have accumulated to this point, establishing an effective estate plan is an initiative-taking strategy to define your family’s legacy. Your estate plan will not create your legacy. It is up to you to identify and articulate it, and then work to create an estate plan that supports what you have intended.

As you begin this process, think through what matters most to you, then plan thoughtfully. When it comes to building your estate plan, start out by:

  • Identifying your financial goals. Ask yourself, do I want to pass along my wealth to family, distribute assets to charity, minimize taxes, avoid probate? These questions will help you better understand your future aspirations.
  • Determining who should be involved in executing your plan. Who will ensure that your assets and values are distributed in the way you wish? Is it an estate attorney, your lawyer, your spouse or a specific charity?
  • Developing a risk management plan with your advisor. From there, you can identify risks for your estate plan such as tax law changes, disability, potential loss of income, etc.

It’s important to note that estate planning entails far more than deciding how to distribute the assets remaining in your investment accounts. It's imperative that you also factor in any property you own, insurance, business affairs and how to best cover medical and other financial expenses to ease the burden on your loved ones after you pass.

Plan for the future, today

Your wishes for your wealth can only be carried out if you put the time in now to arrange and clearly articulate what you want to happen in the future. Doing so can help guarantee that your loved ones and prized assets are cared for in the future.

Questions on estate or financial planning? Baker Tilly and Baker Tilly Wealth Management professionals can help you navigate the planning process, identify best practices and build a legacy that will live on for generations to come.

 Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. BTWM does not provide tax or legal advice. BTWM is not an attorney. Estate planning can involve a complex web of tax rules and regulations. Consider consulting a tax or legal professional about your particular circumstances before implementing any tax or legal strategy. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Securities, when offered, and transaction advisory services are offered through Baker Tilly Capital, LLC, Member FINRA and SIPC; Office of Supervisory Jurisdiction located at 4807 Innovate Ln., Madison, WI 53718; phone: +1 (800) 362 7301. Baker Tilly Wealth Management, LLC and Baker Tilly Capital, LLC are controlled by Baker Tilly US, LLP. Baker Tilly US, LLP, is an independently owned and managed member of Baker Tilly International. © 2022 Baker Tilly Wealth Management, LLC

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