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Estate Planning

Some people think an estate plan involves drafting a trust and will only. However, there's more to estate planning than this. When creating an estate plan, you want to make it comprehensive and structured. It ensures seamless asset transfer to appropriate heirs when you're gone. You want to ensure your immediate family members can access your belongings when you cannot do it. If you aren't sure of the steps to follow, an experienced estate planning financial advisor can help. Read on!

Do You Have the Right Insurance Coverage for Your Spouse and Children?

Like many parents, you probably work hard to provide for your spouse and children. Your budget may include school, food, clothes, and other daily needs. But do you ever ask yourself what could happen when you're no longer there to offer this financial security?

Do you want to secure your family's future? Buying life insurance is a great idea. Why consider this policy? It protects your family from financial strain if your death occurs unexpectedly. The surviving members can use this coverage for education funding, mortgage payment, and daily expenses. Do you need help with the right insurance coverage for your spouse and children? Talk to a professional at Moy Wealth Management LLC!

Is Your Estate Plan Compliant with the State that You're Living in? Time for a Review?

Have you reviewed your estate plan for the last several years? If not, it could be time you considered it. State laws change, and when it happens, it means the rules applied to your estate plan may have changed. While these changes can be favorable to the beneficiaries, they could also be negative.

If you ignore reviewing your trust or will for years, you won't understand how these changes could impact your estate plan. Unfortunately, if they're not favorable, it won't be possible to reverse anything.

Would Long-term Care Save Your Estate from Erosion?

Most people focus on where their assets will go after they pass away. Unfortunately, many forget critical considerations, including the need for long-term care. The last thing you want is to land in an estate planning crisis when long-term care needs arise. This could be detrimental to your plan because of the skyrocketing medical bills.

While you can't predict the future, you can make possible guesses and take appropriate action before anything happens. While your health might be okay during your golden years, planning for unexpected occurrences can prevent unnecessary pitfalls. That's why you want to consider long-term care when building your estate plan. If you don't know how to get started, we can help you understand the basics of estate planning and more.

Divorced? It's Time to Review Your Estate Plan

It's no doubt your estate plan will change after a divorce. While you need to review your plan every several years, you also want to do it during significant milestones, including a divorce. It's a critical part of the process, and you need to review all vital documents. These include the power of attorney, living trust, and will documents.

Positioning Your Assets to Avoid Probate

Probate involves a court overseeing property distribution for a deceased person. Unfortunately, the process can be hectic and time-consuming, and it makes sense to avoid it. Here are the ways to avert this daunting procedure:

  • Include gifts in your estate plan
  • Create a living trust
  • Make a will to reduce probate
  • Consider joint property ownership
  • List property to transfer after death
  • Consider small estate provisions


Is My Family's Future Protected if Something Happens to Me?

Most people may not be comfortable thinking about the departure from their loved ones. However, the future is uncertain, and it's better to plan in case something occurs. Would your family members have proper financial protection to carry on their day-to-day activities?

This is where proper retirement planning comes into play. As you invest and diversify your portfolio, ensure you keep your family's future in mind.

I am Retiring in 2-3 Years. What Should I Do Now to Prepare?

Are you about to retire and want to make the experience comfortable and fun? Start making the necessary measures right away. Consider your retirement goals and objective and take vital steps such as:

  • Investing and diversifying for growth
  • Downsizing your debt
  • Evaluating retirement expenses
  • Evaluating your health and more

What are the Biggest Risks to My Retirement Plan?

When creating a retirement plan, it's critical to factor in the unexpected, including possible risks. Here are some risks you can anticipate:

  • Family and personal risks like marital status change
  • Financial risks, including stock market volatility and inflation
  • Public policy risks such as increased taxes
  • Housing and healthcare risks, including unpredicted medical bills

When Should I Start Taking My Social Security?

You can begin taking your Social Security retirement benefits when you hit 62. However, the full retirement benefits entitlement starts after you retire. If you prolong taking your benefits, the amount increases.

Let an Experienced Retirement Advisor Help

Retirement planning may not be as straightforward as it sounds. If you want to make the most out of it, work with a qualified retirement financial advisor to help you navigate the process.

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you. |  561-420-9557

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