November 26, 2024
Give Peace of Mind This Holiday Season: Proactive Estate Planning with Welgaard CPAs & Advisors
At Welgaard CPAs & Advisors, we focus beyond the numbers. We are forward-looking, future-ready and passionate about your financial success.
As your trusted advisors, we know that the value we provide in being proactive, rather than reactive is immensely important. The benefit that comes in working with us to be proactive extends beyond income tax planning. Many assume that having an estate plan is important just for wealthy or older people. In reality, planning for and having an estate plan is one of the greatest gifts everyone can give to their families, loved ones, friends and philanthropic partners.
Most simply, the term “estate” means your possessions – your money, house, car, personal possessions, life insurance, investments and beyond. Having an estate plan in place ensures things play out the way that you wish when you are gone or if you become incapacitated during your lifetime.
An estate plan can involve many documents directing your intentions for your healthcare, funeral proceedings, children’s or other dependent’s guardianship, possession distribution and even care for your beloved pets. An estate plan typically consists of:
- Last Will & Testament – this document dictates how your assets will be distributed after death.
- Durable Power of Attorney – appoints someone to manage your financial affairs if you become incapacitated.
- Medical Power of Attorney – appoints someone to make medical decisions on your behalf in the event you are unable to do so yourself.
- Advance Healthcare Directive (Living Will) - outlines your wishes regarding end-of-life medical treatment and decisions.
Having your estate plan in place can help reduce stress, disharmony and unnecessary legal costs and delays for those left in charge in the event of your death or incapacitation. It can further protect the privacy of you and your loved ones.
We know our clients work hard. Involving us as your trusted tax professionals as you prepare your estate plan can help ensure your plan is as tax efficient and effective as possible. Our involvement ensures the tax-efficient transfer of finances and property, while mitigating income, gift and estate taxes with frequently changing tax laws and regulations.
Having a solid estate plan in place is a gift to your heirs. Let us help you leave the legacy you have worked so hard for.