Power of Attorney | Puzzle Wealth

Estate & Legacy Planning

The Importance of Planning Ahead

Thinking about the future, especially when it involves planning for after you're gone, can evoke a mix of emotions. It's natural to feel hesitant about confronting such a weighty subject. However, engaging in estate and legacy planning is more than preparing for the end. Does your family know what to do in the event that you become incapacitated or unable to work? Disability is another scenario that is often overlooked. Estate planning helps to provide confidence for yourself and your loved ones and is aimed at ensuring your wishes are honored, and your legacy positively impacts those you care about.

Partnering with Professionals

Choosing to work with Puzzle Wealth is partnering with an advisory that collaborates with your CPA and estate planning attorney. Together, we strive to have things in place like your beneficiaries, living will, solid tax strategies, and the proper titling of your assets. We work with you and your attorney to correctly structure your business for possible succession. We will guide you in naming a Power of Attorney and provide support throughout the process to help ensure smoother transitions during and after your lifetime for your family, working closely with your attorney to make sure everything is in place.

Building Your Team
Don’t have an attorney or CPA? No worries. We’re here to guide you through selecting the right professionals for your unique needs, and partnering with professionals who align with your vision and values.

Key Components of Your Estate Plan

Asset Transfer

Establishing a will and a living trust, with the help of a skilled estate attorney, is foundational. These documents are crucial in making sure that your assets are transferred according to your wishes and at the right time.

Avoiding Probate

Nobody wants their loved ones to endure the stress of probate court. We’ll work with your attorney to employ strategies aimed at minimizing this burden, such as designating beneficiaries for both retirement and non-retirement accounts.

Wills

A will, also known as a testament, is a legal document that expresses an individual’s wishes regarding the distribution of their assets and the care of any minor children upon their death. It specifies who will inherit assets, who will be the executor to oversee the estate distribution and can also appoint guardians for minor children. A will only takes effect after the individual's death and must go through probate, the court-supervised process of validating and executing the will.

Trusts

A trust is a legal arrangement where one party, known as the trustee, holds and manages assets on behalf of another party, known as the beneficiary. Trusts can be set up to take effect during an individual’s lifetime (living trusts) or after their death. Trusts are used to provide legal protection for the trustor's assets, ensure those assets are distributed according to the trustor's wishes and can help avoid or minimize the probate process. Trusts can be revocable, allowing the trustor to make changes during their lifetime, or irrevocable, which are permanent and cannot be changed once established.

Asset Management Across States

Do you own properties in multiple states? It’s critical to review how each asset is titled. Working with your attorney will help you navigate the complexities of state laws for the best management of your real estate investments.

Legal and Healthcare Directives

Assigning legal and healthcare powers of attorney helps to ensure that if you're ever unable to make decisions for yourself, the right people can step in to help. This is aimed at making sure your care and your assets are managed exactly as you would want them to be during an emergency.

Advanced Estate Planning Strategies

Special Purpose Trusts
In an effort to ensure that your legacy reaches your loved ones instead of getting lost to taxes, we utilize tools like Irrevocable Life Insurance Trusts (ILITs), Charitable Remainder Trusts (CRTs), and Generation-Skipping Transfer Trusts (GSTs). We can review these strategies in greater detail with you.

Special Needs Planning
If you have loved ones with special needs, setting up a thoughtfully planned trust is essential. We’ll work with your attorney to double-check that it’s properly drafted and funded, providing for your loved ones long after you're gone.

Frequently Asked Questions

What is legacy planning?
Legacy planning goes beyond financial aspects and addresses how you're remembered and the impact you make. It involves legal tools to ensure your wishes are executed as intended.

What should I include in my living will?
A living will typically includes your preferences for medical treatments in various scenarios and appoints someone to make decisions if you're incapacitated.

How often should I update my estate plan?
It’s wise to review your estate plan regularly, especially after major life events like marriage, the birth of a child, or the acquisition of significant assets.

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

Your Legacy

At Puzzle Wealth, we’re committed to helping you navigate the complexities of estate and legacy planning with empathy and expertise. Let us help you build a plan that reassures you and your loved ones that everything is taken care of according to your wishes. Schedule a time to meet with one of our advisors today.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

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