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"It is impossible for ideas to
compete in the marketplace if no forum for
their presentation is provided or available."
Thomas Mann, 1896
The Business Forum
Journal
Pass Along Your Wealth Rather Than a Tax Burden
When
Pablo Picasso died in 1973 he left an
estate worth $300 million, but no will
specifying how it was to be distributed.
The ensuing family dispute lasted four
years and consumed 10% of the fortune �
and it all could have been avoided with
some simple estate planning.
Although you may not
want to think about what will happen
after you are gone, an estate plan is a
way to help make sure that your assets
are distributed to your intended heirs �
family members, friends, or even
charitable institutions � according to
your instructions.
A
well-crafted plan will not only help
eliminate confusion for your heirs, it
can also help protect them � and you �
from estate tax burdens, so that your
assets are transferred at the lowest
possible cost.
A sound
estate plan may include several of the
following elements:
-
A professionally
drafted will outlines how your
property will be distributed after
your death. It can also address
issues such as the future care of
minor children and can help limit
probate costs. A living will spells
out your wishes for your own health
care.
-
A trust can
provide security for you and your
beneficiaries, and it may help
protect assets from taxes. With a
living trust, for example, you
maintain control of your assets
while benefiting from a tax shelter
during your lifetime. Upon death,
the remaining assets can be managed
by the trustee and distributed to
your beneficiaries according to
terms you set.
-
Insurance can
help your heirs meet survivor and
estate-settlement expenses. The
appropriate type and level of
insurance will vary according to
your personal circumstances.
-
Qualified
executors and trustees can help
ensure that your wishes are carried
out. You may choose an individual,
such as an attorney or accountant,
or an entity that has expertise in
taxation, estate law, or money
management.
An estate plan may
help to preserve the wealth you have
worked so hard to build. Do not put off
completing an essential step in the
financial planning process that can
benefit you as well as your heirs.
Speak to a qualified legal professional
about the role he or she can play in
creating a flexible plan to address your
unique needs.
Brian M. Clay
is a Fellow of
The Business Forum Institute and the President of Clay, Malek &
Northam Wealth Management in Southern California; whose clients
include both companies and individuals. He has been recognized for
numerous honors and accomplishments including being named to the
Consumer Research Council of America's "Best Financial Planner"
list. Brian's professional registrations include the Series 6, 7,
24, 63, 66 held with LPL Financial, and CA Life & Health Insurance.
He also holds the Chartered Mutual Fund Counselor (CMFC) and
CERTIFIED FINANCIAL PLANNER� (CFP�) designations. The CFP�
designation is considered by most to be the highest certification in
the industry. To be recognized as a CERTIFIED FINANCIAL PLANNER�,
individuals must meet rigorous experience and ethical requirements,
complete financial planning coursework, and pass a certification
examination covering the financial planning process, risk
management, investments, tax planning and management, retirement and
employee benefits, and estate planning. They must also meet ongoing
continuing education requirements and uphold the CFP� Board Code of
Ethics and Professional Responsibility. Brian is an LPL Registered
Principal. Securities and Financial Planning Services offered
through LPL Financial, A Registered Investment Advisor � Member FINRA/SIPC. For a list of states in which he is licensed to do
business, please visit
www.cmnwealthmanagement.com.
Brian holds a Bachelors degree in Economics from the University of
California, Los Angeles (UCLA).
Visit
Brian's Web Site
~
http://www.cmnwealthmanagement.com/
Contact
Brian at:
~
Click Here
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