To provide estate planning services to its clients, Centara Capital works closely with Centara Legal Group, APC (“CLG”). CLG is a full service estate planning law firm, concentrating on all aspects of basic and advanced estate planning to meet every client’s needs. The firm fosters excellence in comprehensive estate planning by coordinating with various experts from different fields, including financial and tax planning professionals. CLG provides its clients with up-to-the-minute legal advice on law changes and planning techniques through ongoing seminars, educational materials and through the unique and celebrated TrustGuardSM program. CLG provides personal and unparalleled service to all of their TrustGuardSM clients with direct access to estate planning attorneys, as well as ongoing planning services designed to meet the ever changing goals of clients throughout their lives.
Estate planning is a dynamic process that involves your family, friends and in many cases charitable organizations. It involves your assets and all the various forms of ownership and title that those assets may take. As you plan your estate, consider how your assets will be managed, when assets will be transferred to others, and to whom those assets will pass. If your estate is substantial, a Centara Legal Group Attorney will not only discuss who is to receive your assets and when, but also various ways to preserve your estate for your beneficiaries by reducing estate tax.
Estate planning also addresses your welfare and needs if you are no longer able to care for yourself. Like many people, you may think that estate planning is simply the writing of a will. But as you will see, estate planning involves financial, tax, medical and business planning as well. Whatever the size of your estate, you should designate at least one person who, in the event of your incapacity, will have the responsibility for the management of your assets and your personal care.
Your estate consists of all property or interests in property which you own. The simplest examples are those assets which are in your name alone, such as a bank account, real estate, stocks and bonds, etc. You may also hold property in many forms of title other than in your name alone. Joint tenancy is a common form of ownership which takes assets away from control by will or living trust. Beneficiary designations on securities and bank accounts are alternatives which must be carefully considered as well. Finally, assets which have beneficiary designations, such as life insurance, IRAs, qualified retirement plans and some annuities are very important parts of your estate which require careful coordination with your other assets in developing your estate plan. The value of your estate is equal to the "fair market value" of each asset that you own, minus any debts owed. The value of your estate is important in determining whether, and to what extent, your estate will be subject to estate tax upon your death.
Proper planning ensures that your estate and the assets you’ve worked so hard to accumulate pass according to your wishes. Please contact Centara Legal Group, APC today to discuss the development and implementation of your estate plan.