Estate Planning
Let's start by clarifying that The Breit Group, LLC and its advisors do not provide legal advice. For legal guidance or assistance with drafting documents, please consult a qualified attorney.
That said, as we assist clients through the estate planning process, we often find that individuals generally fall into one of the categories below.
For those that want to ensure that assets and legacy are properly structured to pass on according to wishes, even in unforeseen or catastrophic circumstances.Â
Estate Planning Basics: What You Need to Know
Estate planning is about organizing how your assets will be managed and distributed—both during your life and after your death. It ensures your wishes are followed and helps protect your loved ones from confusion and conflict.
Key Elements of a Solid Estate Plan
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Will
Outlines how your property should be divided and can name guardians for minor children. -
Living Trust
Holds your assets during your lifetime and passes them to your beneficiaries after death—often avoiding probate. -
Durable Power of Attorney
Lets you appoint someone to handle financial matters if you become incapacitated. -
Healthcare Power of Attorney
Assigns someone to make medical decisions for you if you’re unable to do so. -
Living Will (Advance Directive)
States your preferences for medical treatment if you're unable to speak for yourself.
Keep Your Plan Updated
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Review your estate plan after major life events like marriage, divorce, or the birth of a child.
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Update beneficiaries on retirement accounts, life insurance, and other policies—these override your will.
Avoid Probate and Reduce Taxes
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Gifting: Giving assets to heirs during your lifetime can reduce estate taxes.
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Trusts: Can help manage and distribute assets efficiently, with potential tax advantages.
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TOD & POD Accounts: Transfer-on-death and payable-on-death designations let assets skip probate.
Special Considerations for Retirement Accounts
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The SECURE Act requires most non-spouse IRA beneficiaries to withdraw all funds within 10 years.
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Consider converting traditional IRAs to Roth IRAs to allow heirs tax-free withdrawals.
Final Thoughts
Estate planning is essential to ensure your wishes are respected and your loved ones are protected. It’s smart to work with financial and legal professionals to create a plan tailored to your goals.
For those who have addressed the basics but are concerned about potential tax implications at the time of passing.
*Links are provided for informational purposes only. The Breit Group, LLC is not affiliated with, nor endorses, the content of this third-party site. This material does not constitute legal advice. Please consult a qualified attorney for personalized estate planning guidance.
