What is Estate Planning?

Estate planning is a comprehensive process undertaken to ensure loved ones will be cared for after the death of an individual. It ensures that the transfer of assets to beneficiaries takes place according to the wishes of the deceased and income taxes are minimized without compromising the intentions of the deceased.

 

What should you think about when creating an Estate plan?

  • Ensuring there is an updated and valid Will in place
  • Setting up a Trust to ensure taxes will be minimized, and loved ones will receive financial support
  • Naming an Executor
  • Preplanning for funeral arrangements
  • Ensuring the proper Permanent Life Insurance is in place to mitigate taxes and equalize estate distribution

 

What is an Executor and Power of Attorney?

Many people are unaware that an individual such as an adult child or parent does not automatically have the right to handle the estate of a loved one without proper legal documents.  If a loved one suffers a severe illness or passes away, the spouse or parent of the individual must apply to the courts for permission to act on behalf of the incapacitated.  Having a power of attorney (or enduring power of attorney) named before a family member being incapacitated or an executor in the case of a predeceased family member will address the issue of who has decision-making authority on another individual’s behalf when the time comes.

 

How are we able to help?

Ly and Associates have recognized the need to offer some guidance regarding Estate Planning.  Although we are not lawyers or accountants, we have been able to establish strong relationships with these professionals in every city throughout the Lower Mainland.  Not only are we committed to the financial well being of our clients, but we are also committed to the individuals who will one day inherit their assets.  We work with our strategic partners to offer solutions such as having a Will created, setting up a Family Trust, identifying and estimating estate taxes and much more.

 

Disclaimer

Ly & Associates Financial Group have recognized the need to connect with Advisors from across different industries.  Many of our clients have asked us about who they should speak with when creating a Will, setting up a trust, or assessing how much in taxes they will pay on their final tax return.  We do not offer formal advice when it comes to these matters. However, we do work in partnership with individuals such as Lawyers, Accountants, and Funeral planners to execute on the wishes of our clients.  We are, and always will remain, unbiased as to who we refer our clients to. We will present options to our clients and suggest an individual if we know they would fill the need of our client.  We are not compensated for recommending any of our partner’s services to our clients and remain completely independent and neutral on our advice.