Estate Planning at Hampton Wealth Management

Estate planning is the process of planning for the accumulation, conservation, and disposition of an estate to effectively and efficiently accomplish both tax and nontax objectives. There are four generic strategies that, in various specific manifestations, will help achieve your goals: Create liquidity, Avoid probate costs, Reduce taxes, and Execute documents.

The financial plan presented here can cover some basic possibilities using what-if scenarios. It shows the general condition of your estate and illustrate the impact of basic techniques, such as bypass trusts, gifting, and Irrevocable Insurance Trusts. Think of it as the proverbial fork in the road on whether or not you need more advanced estate planning.

In preparation for the meeting, you will need to gather up your existing estate documents — what we call the "big three":

  1. your will,
  2. power of attorney, and
  3. medical directive.

We can adjust variables in the plan to make the analysis as accurate as possible:

  1. Final expenses
  2. Future estate credit amount
  3. Bypass trust funding amount
  4. Current asset ownership

The resulting estate analysis will illustrate in a pie chart what benefit (if any) would result in using a bypass trust. Individual detail views are available, as well as flow charts showing where the money would be going under various scenarios. We can also detail your likelihood of meeting your goals with the inclusion of the new strategies.

We can also spend time discussing other possible estate planning concepts that might fit your needs, but then ultimately we need to bring in an estate planning attorney to draft the documents. If you don't currently have an estate attorney, we would be happy to provide you with a referral to schedule a complimentary initial consultation.

After you meet with your attorney, our responsibility is to make sure that all of your investments are properly aligned with your legal documents. Examples of such would be to retitle any accounts as Designated Beneficiary Plans, Transfer on Death, updating any beneficiaries for your contractual arrangements (e.g. retirement plans, annuities, and life insurance), or gifting, etc... Without coordinating the financial and legal aspects of your estate plan, your documents would be worthless pieces of paper upon which you would have spent thousands of dollars - all to achieve nothing.

As our relationship matures over time, if you are happy with our service, integrity, and performance, we would be honored to serve as corporate trustee on any of your trust accounts.