Broker Check

Estate Planning

Estate planning is the process of managing your assets and property during your lifetime and beyond. It involves more than just drafting a will; it's about preparing for the unexpected and ensuring your loved ones are taken care of in the event of incapacity or death. Estate planning also involves addressing taxes, protecting assets, and passing on your legacy. At Martin Wealth Management, we understand that estate planning can be a complex and overwhelming process. That's why we're here to guide you through the every step and help connect you to the outside resources necessary to create a tailored plan that addresses your unique needs and goals. Whether you're just starting out or have an existing estate plan, we're here to help

Contact Us

The Importance of Having a Will

A will allows you to name your beneficiaries, designate guardians for minor children, and distribute your assets according to your wishes. Without a will, your assets may be distributed according to state law, which may not align with your preferences. Additionally, a will can help minimize family disputes and provide clarity during a difficult time. We understand that discussing mortality can be uncomfortable, but having a will is an important step in ensuring that your legacy is protected and your loved ones are taken care of, reflecting your wishes and preserves your family's future.

Understanding Trusts in Estate Planning

A trust is a legal entity that allows you to transfer assets to a trustee, who will manage them on behalf of your beneficiaries according to your wishes. Trusts can offer advantages such as probate avoidance, tax savings, and asset protection. They can also be customized to fit your unique circumstances and goals, such as providing for a special needs child or ensuring that your assets are distributed gradually over time. We understand that the idea of trusts can be intimidating, but our team of advisors can guide you through the process and help you evaluate trust options that can fit your needs.

Power of Attorney: Protecting Your Interests

A Power of Attorney is a legal document that allows you to appoint a trusted individual or organization to act on your behalf if you become incapacitated or unable to make decisions for yourself. This person or organization, known as your agent, can manage your finances, pay your bills, and make important medical decisions for you. Without a Power of Attorney, your loved ones may have to go through a costly and time-consuming legal process to obtain the authority to act on your behalf. That's why we suggest getting a Power of Attorney done as soon as possible to ensure that your wishes are honored and your assets are protected.

Health Care Directives: Ensuring Your Wishes are Honored

When it comes to estate planning, it's essential to have a health care directive in place to ensure your wishes are honored in the event you are unable to make decisions for yourself. A health care directive outlines your medical treatment preferences and appoints a trusted individual to make medical decisions on your behalf if you become incapacitated. Without a health care directive, your family members may be forced to make difficult decisions regarding your care without knowing your wishes, causing unnecessary stress and potentially resulting in outcomes that do not align with your values. 

Estate Taxes: What You Need to Know

Estate taxes can significantly impact the value of your estate and what you leave behind for your loved ones. Here are some important things to know about estate taxes:

  • The federal estate tax exemption is currently $11.7 million per individual, meaning estates valued below this amount are exempt from federal estate tax.
  • Some states also have their own estate tax, with varying exemption amounts and tax rates.
  • Proper estate planning can help reduce or even eliminate estate taxes through strategies such as gifting, charitable giving, and setting up trusts.
  • It's important to regularly review and update your estate plan to ensure it reflects any changes in tax laws or your personal circumstances.

At Martin Wealth Management, we can help you navigate the complex landscape of estate taxes and create a personalized, tax-efficient estate plan that can and protects your assets for future generations.

Passing on Your Legacy: Planning for Future Generations

At Martin Wealth Management, we understand that planning for the future isn't just about what you leave behind, but the legacy you create. Passing on your legacy to future generations is an important aspect of estate planning. We can help you develop a comprehensive plan that can help ensure your values and wishes are reflected in how your assets are distributed. Whether you want to leave a charitable donation or provide for your children and grandchildren, we'll work with you to create a personalized plan that aligns with your goals and values. 

The Benefits of Working with an Estate Planning Attorney

When it comes to estate planning, the legal jargon can be overwhelming and confusing. That's where an estate planning attorney comes in! They can help you cut through the legal red tape and ensure that your documents are properly executed. At Martin Wealth Management, we know that every client has unique needs and goals. That's why we work closely with a network of estate planning attorneys to provide you with a personalized approach to your estate planning needs. Our team will work with you every step of the way.

Martin Wealth Management and LPL Financial do not offer legal advice or services.

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.

anthony.martin@lpl.com | (512) 347-0046