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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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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