Estate Planning
When you’re thinking about leaving a legacy with your estate, you face three major challenges.
First, taxes can be a source of confusion and frustration. Every asset has the potential to be taxed differently. There are three groups that go after your assets when you pass away: heirs, charity, and ‘Uncle Sam.’ With proper planning, you can choose any two out of these three to bless!
Three major challenges stand in your way to leaving a legacy.
The second challenge of legacy planning is long-term illness. With costs exceeding $100,000 per year for skilled nursing care, you must understand ways to protect your assets from the effects of long-term illness.* Faithward Advisors’ professionals can help you calculate how much your long-term care might cost, and then ensure you plan appropriately.
The final challenge is lack of communication. Although often overlooked, the impact of your decisions on family members can be massive. Including them in your process and educating them on your core values can be a vital time of growth and a caring expression of love.
*Source: longtermcare.gov
