June 4, 2024

Estate Planning Essentials: 7 Steps to Secure Your Legacy

Understand Your Estate:

Begin by creating a detailed inventory of your assets. Compile a list of everything you own, including financial accounts, real estate, jewelry, cars, art, and other valuable items. This will help you assess what you have and what you want to pass on to your heirs.

Define Your Legacy Goals:

Consider your objectives for estate planning. Do you want to minimize taxes, protect specific assets, or ensure a smooth transfer of wealth? Clarify your intentions to guide your planning process.

Draft a Will:

A last will and testament is a critical document. It names an executor who will carry out your wishes. In your will, specify how you want your assets distributed, including details about real estate, personal property, and financial accounts. Without a will, your estate may be distributed according to your state’s intestacy laws, which might not align with your wishes.

Consider Trusts for Added Flexibility:

Trusts offer flexibility in managing and distributing assets. Revocable living trusts, irrevocable trusts, and special needs trusts are common options. Consult with an estate planning attorney to determine the best trust structure for your needs.

Plan for Taxes and Legal Fees:

Estate taxes can significantly impact the distribution of your assets. Explore strategies to minimize tax liability, such as gifting, charitable giving, and utilizing exemptions. Additionally, consider potential legal fees associated with estate administration.

Choose an Executor and Trustees:

Select a trusted individual to serve as the executor of your estate. This person will handle administrative tasks, including asset distribution. If you create trusts, appoint trustees to manage them according to your instructions.

Keep Your Plan Updated:

Life circumstances change, so regularly review and update your estate plan. Major life events like marriage, divorce, births, or deaths should prompt a review. Ensure your plan reflects your current wishes.

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Every Day is Saturday

Our job begins where most advisors stop—saving money is great, but how do you spend it without risk in retirement? Welcome to Every Day is Saturday with Brad Gotto and Matt Stahl, partners and private wealth managers at Fiat Wealth Management.

In this podcast we help guide you to think about your money in a practical sense and make the boring and complex financial decisions, fun, informative and educational. Join us on this journey where Brad and Matt will explore different strategies on how to spend your money without guilt and have peace of mind knowing you are spending it the optimal way in retirement.

You’ve saved money for a lifetime. Now it’s time to spend it.

In Spending Money and Having Fun, Retirement Income Certified Professional Brad Gotto teaches you how to be smart about spending so you can stop worrying and live the life you want. Old habits are hard to break, but Brad helps you embrace the counterintuitive and build new habits to support your next chapter. You’ll learn how to:

  • Change your mindset around spending

  • Create boundaries that buy you freedom

  • Gain peace of mind with concepts that take the guesswork out of your financial requirements