Legacy Planning

What to Expect

Legacy planning is all about putting your affairs in order to ensure your valuable assets are protected in the event of your death. Planning for this is particularly important if you have minor children, as guardianship is established through a last will and testament. At McIlrath|Eck, we will explain to you how several estate planning strategies exist and work closely with you to see which strategy best fits your unique needs and personal circumstances. These estate planning strategies will vary based on estate value, types of assets, and whether the estate will pass through probate or be protected by a trust.

 At minimum, it is wise to prepare a Last Will and Testament, Healthcare Proxy, and Durable Power of Attorney. Drafting a Legal Will is fairly simple, but preparing to draft it requires very careful thought. We recommend that whether it is with us or someone else, you at least have a qualified professional approve your will, if not draft it themselves. Ambiguity or a lack of knowledge about the law can derail the preparation you made for your legacy and/or substantially reduce what you are able to pass on to your heirs. Ultimately, your Will provides clarity and direction during a difficult emotional time. 

Also, we always highly recommend that you appoint someone as an Estate Administrator who will make sound decisions under difficult circumstances AND is good with finances. You designate this person in your Will. Your Estate Administrator is typically a close friend or relative, probate lawyer, or estate planner. They must also be qualified. This means that they must be at least 18 years old and have never been convicted of a felony.

Our in-house attorney, Sam Eck, works with our clients on their Legacy Planning needs. He has 45 years of experience helping clients gain clarity and confidence about what will happen when they pass away. Sam’s breadth of knowledge and ability to help have allowed him to work with our clients on various goals and legal issues surrounding their Legacy. Although he is not a CPA, he has worked closely with many CPAs over the years and is more than willing to collaborate with your accountant to strategize for reductions in tax liability and efficiently plan for the implications tax laws have on your ability to pass on your wealth. 

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What to Bring

To make the most of your complimentary consultation, please bring recent copies of the following:

  • Any Wills or Trust information you currently have (if you are updating them)
  • The Trust – Estate Planning Workbook
    • See Forms & Docs Page
  • The Will – Estate Planning Workbook
    • See Forms & Docs Page

What Comes Next

We recommend you update your Will and Estate Plan periodically to make sure that both your situation has not substantially changed and that the law has not changed in a way that will affect your Legacy Planning strategy.

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Contact 

Phone: 360-657-8600
Toll-free: 888-248-5077
Fax: 360-657-1819

Disclosures

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Disclaimer
This website is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes....

By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of the McIlrath|Eck Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisor that takes into account all of the particular facts and circumstances of an investor’s own situation. Investing involves risk, including the loss of all or a portion of your investment. Nothing contained herein should be construed as a warranty of investment results. Opinions and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable but should not be assumed to be accurate or complete. The views and strategies described may not be suitable for all investors.
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