Your estate plan is designed to protect your assets and your legacy. However, an estate plan can have a lot of moving parts, including trusts, insurance policies and investment accounts. Your estate plan also might include wills and documents granting powers to proxies.
With so many documents and accounts, your heirs might struggle to make sense of your wishes — and find it difficult to know where all your assets and documents are. On top of that, it can be difficult for you to manage your estate if you can’t see everything at once.
Investment account consolidation is important consider when building your overall estate plan. Moving all of your information to one place can help you make better decisions for your estate — as well as simplify matters for your heirs.
Integrated Estate and Tax Planning
Taxes and fees can eat away at your real returns and reduce the legacy left to your heirs. Integrated estate and tax planning can help you align your investment strategy with clearer goals and a clearer approach. It helps you and your financial advisor better coordinate planning efforts — which becomes increasingly important as you think about leaving a legacy. Estate planning includes information about who will receive your individual assets, as well as who will be your will’s executor. It’s also important to know who your beneficiaries are: When distributing assets from retirement accounts and insurance policies, listed beneficiaries take precedence over what you have listed in your will. Reviewing your estate documents and matching them with other information can help you ensure that everything is up to date.
Documents indicating proxies, who can act on your behalf to take care of your assets or make healthcare decisions if you are incapacitated, should be accessible and clear. Keeping all of your directives and account accessibilities in one place can make it easier for your representatives to follow your wishes.
With all of your assets and estate planning tools in one place, you can ensure your strategies align with your long-term goals and create the best solution for passing your legacy on to your heirs. The estate planning tools can reduce your estate’s tax liability and ensure that your money does the most good for your heirs.
With asset and account consolidation, you see everything in one place and can align your strategy, reducing the inefficiencies caused by redundancy, taxes and fees — and keep your heirs and representatives apprised of the situation.
Asset and account consolidation offers the opportunity for you to review your plan and protect your legacy. Now is a good time to review your asset allocation to ensure that your portfolio is balanced in a way that helps you meet your goals.
Additionally, a review of your assets and accounts also provides you with an opportunity to consider your insurance and annuity needs and understand how they fit into your overall estate plan. There are certain assets and accounts that can be passed directly to a spouse or to your heirs without incurring estate taxes.
Additionally, certain strategies can allow you to pass some of your assets to your intended heirs now without incurring taxes.
With everything in one place, you can make better plans for now and simplify matters for your heirs after you pass on.
Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
Park Avenue Securities LLC (PAS) is an indirect, wholly-owned subsidiary of The Guardian Life Insurance Company of America (Guardian). PAS is a registered broker-dealer offering competitive investment products, as well as a registered investment adviser offering financial planning and investment advisory services.
PAS is a member of FINRA and SIPC.