Estate Planning Documents - Estate and Legacy Planning Part 1 of 6

In this Protecting and Preserving Wealth episode, we’re kicking off our six-part series on estate and legacy planning. We dive into the critical steps of preparing for the Great Wealth Transfer—an estimated $84 trillion passing to the next generation by 2045. Of that, $72 trillion will go to heirs, making proper planning essential.

We talk about the importance of being ready for this transition. Will your heirs be prepared to manage your wealth? Will it be protected or lost to taxes, poor decisions, or unforeseen circumstances like inflation or bad marriages? These are tough questions but answering them now ensures your legacy is preserved.

One tool we highlight is the revocable living trust, which is especially useful in community property states like Arizona. It avoids probate, simplifies financial management, and offers significant tax advantages. For example, it can protect a surviving spouse from hefty capital gains taxes by ensuring a step-up in basis for both halves of jointly owned property. Plus, it lets a successor trustee manage your finances if you’re incapacitated.

Of course, a Trust isn’t the whole story. We also explain why a will is crucial, especially for naming guardians for minor children. Other must-have documents include Durable Financial and Healthcare Powers of Attorney to manage your affairs if you can’t manage them, a Living Will to clear your end-of-life wishes, and Arizona’s unique Mental Healthcare Power of Attorney. This last one is significant for situations involving dementia or other mental health challenges, ensuring your family can advocate for you without needing costly court intervention.

We wrap up by discussing how to title your assets correctly to avoid probate and protect them from unnecessary risks. Whether you put real estate into your trust or use Arizona beneficiary deeds, these decisions are key to preserving your estate. Mistakes like retitling retirement accounts into a trust can lead to unintended taxes, so getting professional advice is critical.

Download our Estate Legacy & Beneficiary Planning document, which is included for your benefit and to help you follow us in this six-part series.

This series is relevant to everyone over 18 and emphasizes the importance of being prepared. In our next episode, we’ll discuss beneficiary designations, but feel free to reach out with any questions in the meantime.

For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/

Or call them in their Prescott office at [phone] or their Scottsdale office at [phone].

For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/

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