A properly designed estate plan can provide a strategy to conserve assets while you are alive and outline how you would like assets distributed after you pass away. Many people are under the perception that trust and estate planning are only for wealthy individuals or couples. However, these services can be a beneficial financial planning option for individuals at any income level. Without a formal planning process in place that outlines your wishes, your state laws may determine how your assets will be distributed. The court’s decisions may differ greatly from your wishes.
Estate planning not only involves passing on assets such as real estate, personal property, and financial assets, but also planning for others to make decisions for you, should you become incapacitated or die. Estate planning is the key to making sure that everything you work for is passed on according to your wishes. These are difficult decisions, but if you don’t make them, a court will.
Adopting an estate plan will be an important step in your financial life. Most people have a number of questions when it comes to developing an effective estate planning strategy. At First National Trust & Wealth Management we are committed to fostering personal relationships with our clients. Our professional staff has the expertise to provide a personalized solution for you.
Contact us today. We welcome your questions and look forward to working with you.
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We all have our own unique relationship with money. We certainly have our own unique way of both spending and saving money.
However, if you’re ready to start putting some money aside, or looking for tips on money management, or even the best way to pay your bills, the following tips may provide a little bit of help:
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It’s never too early or too late to start planning for retirement. However, in the U.S., when it comes to retirement savings, later seems to be the standard. According to RothIRA.com, only 56% of today’s workers in the U.S. are currently saving money for their retirement, and 38% of those currently saving have less than $10,000 saved.
When looking for an investment, many people are turning to real estate. There are a variety of ways to invest in real estate, though one of the most popular ways to invest is by purchasing income-producing property. This can be done through the purchase of multi-family apartments, commercial/retail property, or single-family homes.
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