Estate planning is the process of planning for the transfer of wealth and assets after death, and involves how assets will be preserved, managed and distributed.
A proper plan can help an individual minimize gift, estate, generation skipping transfer and income tax. Estate planning can also put in place a plan for the management of your property or financial obligations should you become incapacitated.
The goal of estate planning is determined by your specific goals and may be simple or complex. Regardless of your age, or the size and complexity of your estate a properly prepared plan can provide comfort, knowing that you have a plan in place that provides for the safe and manageable transfer of assets in accordance with your wishes, goals and objectives.
Every individual situation is unique. At First National Trust & Wealth Management we are here to answer your specific questions and help guide you through your estate planning process.
Contact us today to discuss estate planning strategies.
It’s believed that retirement planning as we currently know it didn’t really exist until a few decades ago. Up to that point, people worked until 65 and then sailed into retirement on a pension plan.
The William & Margaret Trudell Scholarship board of trustees is pleased to announce that applications are now being accepted for the 2022-2023 school year for qualified students enrolled at the Iron Mountain campus of Bay College. Since its inception in 2004, the Trudell Scholarship has provided over $80,000 to over eighty deserving students of the Bay College West Campus.&n
All United States citizens are subject to income tax from the federal government, even those who are retired. Living on a fixed income in retirement can be difficult, so it’s important to plan accordingly for how you will be taxed to get an accurate picture of your financial health.
Here’s what you need to know about taxable income in retirement.
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