Gordon L. Nelson, CPA, CFP® is a planned giving specialist. Want to get your questions answered? Write him or call him at 435.213.9986.
September 2024
Dear Gordon,
I’m starting to think about estate planning, but it feels overwhelming. Can you share some tips to make this process easier?
—Planning Ahead
Tampa, FL
Dear Planning Ahead,
Great question! Estate planning can seem daunting, but breaking it down into manageable steps can make it much easier. Here are some key tips to get you started:
- Get smart about taxes: Nobody wants to pay more taxes than they have to. A solid plan helps reduce taxes on your estate, ensuring more goes to your loved ones and causes you care about. Make sure you take advantage of any legal tax-saving opportunities.
- Consider trusts: Unlike a will, a trust keeps your affairs private and lets you set specific terms for how and when your assets are distributed. It’s flexible and gives you more control over what happens to your estate.
- Leverage life insurance: Life insurance can help cover estate taxes or other expenses without forcing your heirs to sell assets. It’s also a great way to ensure that everyone is treated fairly and to boost your charitable giving.
- Assemble your dream team: Get yourself a Certified Financial Planner, a Certified Public Accountant, and an estate planning attorney. They’ll work together to make sure your financial future and legacy are secure.
- Leave a wild legacy: Including charities in your estate plan can not only support causes you love, like Florida’s wildlife, but it can also reduce taxes on your estate, benefiting both your family and your favorite nonprofit.
- Get organized: Make a list of your accounts, insurance policies, and estate planning documents. Having everything in order will help your executor and ensure your wishes are followed.
Estate planning doesn’t have to be overwhelming. If you need a little more guidance, feel free to reach out.
Warm regards,
Gordon
