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Wealth Planning News

Vol. VI, No. 9

Know What You Have

Many people say, “I have a trust,” when describing their estate plan. While that may be technically true, the phrase often doesn’t fully capture what has actually been created for them.

Estate plans are rarely generic. In fact, the strategies and documents developed for a family are often highly customized to reflect their goals and the people or causes they care about most.​​

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Think Of It This Way:

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If someone handed you a beautiful jewel, such as a diamond, and simply described it as "carbon," the description would be technically correct, but it would miss what makes the diamond valuable. Wood, coal, and many other things are all carbon, and diamonds are carbon, but only the diamond is a carbon jewel of great value. What makes a diamond special are its specific qualities: cut, clarity, color, and size. Those details are what transform something common into something rare and valuable.

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Estate plans work in much the same way.

 

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The Value of a Thoughtfully Designed Plan

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A carefully designed plan is much more than a simple document. It often comes from years of experience and expertise, with strategies often designed to:

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• Protect a person's "Dignity of Control"

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• Reduce potential tax exposure

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• Protect assets for future generations

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• Provide structure and guidance for heirs

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• Preserve family wealth from creditors, lawsuits, or divorce

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• Give beneficiaries meaningful flexibility while still maintaining protection

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For example, some plans include lifetime asset protection trusts designed for children or other beneficiaries. These trusts are court tested, and give your beneficiaries control over investments and trust distributions without loss of asset protection. We refer to this as the "Dignity of Control."

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These types of strategies are not generic documents that one can simply download or copy. They are the result of years of meaningful and thoughtful planning. These planning techniques have served many families over the long term.

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Your estate plan is not just a trust, and it is not just paperwork. It is a carefully crafted framework designed to protect you and what you value..

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Helpful Reminder​

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If it has been more than a few years since you have reviewed your plan, or if you feel uncertain about how pieces of your plan work, it may be a good time to call and schedule a periodic review meeting. 

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