Estate Planning and Management by BACK9 Retirement

Estate planning is the process of accumulating, preserving and distributing your wealth, in order to achieve specific financial goals during your lifetime, and to provide for your heirs, beneficiaries and/or charities, according to your wishes, upon your death. It’s about protecting your spouse, children, or other heirs and ensuring that your assets are distributed how and when you want them to be. It also aids in carrying out your medical wishes in the event you are incapacitated. Estate planning is not a one-time event. It is an ongoing process and should be reviewed periodically as life events and changes in law occur.

As life progresses and goals shift, the estate plan should move to be in line with new goals. Lack of adequate estate planning can cause undue financial burdens to loved ones (estate taxes can run higher than 40%), so at the very least a will should be set up even if the taxable estate is not large.

As a key component in any comprehensive financial plan, BACK9 incorporates estate planning into your overall financial and investment plan. We will work to develop and implement solutions for the tax-efficient transfer of wealth or to address potential minimization of income or estate tax opportunities. BACK9 can work with your estate planning attorney or we can recommend a member of our team of preferred partners.

We’ve found it helpful to illustrate the various estate management principles and strategies as a pyramid. The foundation is formed by an understanding of how fundamental estate planning works; working the way up through basic, intermediate and advanced planning, culminating with charitable planning.