LFA – Columbus RPO Contact Us Home About Us Planning For Clients For Advisors Contact Us Estate Planning Strategies Minimize your tax liability while preserving your wealth. Find out how to structure your estate plan to do both, here. For individuals who have accumulated a significant amount of wealth, it is essential to consider several situations if they want to preserve that wealth for current and future generations. One of the most prominent situations is that estate taxation can erode wealth. Above certain levels of wealth, estate taxes may be difficult if not impossible to eradicate. From the beginning, you should make certain that you choose estate planning professionals with the right credentials. They should have a detailed understanding of current estate tax laws, both Federal and state (should you live in a state that taxes the wealth of an estate at death). They should also be very familiar with specific requirements of the law and associated calculations. While minimizing the effect of estate taxation is generally very important, of equal importance is making certain that you have an estate plan that adequately settles the financial and economic needs of your family and heirs. Of primary concern is basically “who will get what, and when will they get it?” For example, you may need to provide for a disabled child, or you may not want to leave a significant amount of wealth to a 12-year-old child, or you may have children from multiple marriages who have diverse financial resources. You can see that there can be a multitude of complicated situations within families. And while there are many alternatives that need to be discussed and evaluated, there are also many practical methods available for accomplishing specific goals. You options include gifting, trusts, charitable bequests, and life insurance, all of which may help you direct how things will be finalized when you are no longer here to make the decisions. One thing that you should realize is that a sound estate plan will always need to be reviewed whenever there is a significant change in personal circumstances. It is not uncommon to have a yearly estate planning review just to make sure nothing material has changed. In that way, you’ll know that you have served your family and heirs well. Related Resources Basic Estate Planning: Tips for Getting Started Estate Planning Strategies Disclosure We are licensed in the following states. If you are a legal resident of one of these states, please proceed. We are sorry if we are unable to offer you our services at this time. Securities: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming Unless otherwise identified, Associates on this website are registered representatives of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer and a registered investment advisor. Member SIPC. Insurance offered through Lincoln affiliates and other fine companies and state variations thereof. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Firm disclosure information available at www.LFG.com. See Lincoln Financial Advisors (LFA’s) Form CRS Customer Relationship Summary, available here, for succinct information about the relationships and services LFA offers to retail investors, related fees and costs, specified conflicts of interest, standards of conduct, and disciplinary history, among other things. LFA’s Forms ADV, Part 2A, which describe LFA’s investment advisory services, Regulation Best Interest Disclosure Document, which describes LFA’s broker-dealer services, and other client disclosure documents can be found here. *Associated persons of Lincoln Financial Advisors Corp. who hold a JD and/or CPA license do not offer tax or legal advice on behalf of the firm. Portions © 2014-2015 Liberty Publishing, Inc. Portions © 1996-2021 SiteQuest Technologies. All rights reserved. “It takes as much energy to wish as it does to plan.” - Eleanor Roosevelt CRN: 3096169-052120