Estate Planning

Estate PlanningEstate planning is the process of arranging for the management and disposal of a person's assets after death while helping reduce or deferring gift, estate, generation skipping transfer, and income tax and thus helping ensure that the estate is not destroyed by taxes. Specifically, estate planning allows an individual to decide exactly who will benefit from their estate, and to what extent. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and reducing related expenses.

Estate planning can involve a will, trusts, beneficiary designations, advanced directives, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical.

We specialize in multi-generational legacy planning. Multi-generational legacy planning offers to our affluent clients with families a plan on how to pass wealth onto future generations. This can ensure that their heirs will have a stable financial base from which they can build upon. Emphasis is placed on passing their assets with the smallest amount of taxation.

Estate planning can be an emotionally and financially complex task, a well-informed plan can make a big difference in what is left for your loved ones. The ultimate goal of your unique estate plan is to analyze your wishes and goals and make your plan as simple or complex as your needs dictate. 

Pete Thompson Wealth Management and LPL Financial do not provide legal advice or services.  Please consult your legal advisor regarding your specific situation.