A surprising number of wealthy individuals do not have fully updated or implemented estate plans. The risks of not being prepared include higher taxes and an undesirable distribution of assets, among other consequences.
The primary objective of estate planning is fairly straight forward—to maximize the amount of wealth that can be passed on to family members and charitable causes while minimizing taxes and other expenses. Achieving these objectives, however, requires extensive fiduciary and financial expertise along with impartial guidance.
BWC, working in lockstep with your legal and tax advisors, can provide the investment and planning expertise to ensure that every aspect of your estate plan meets your needs. Key elements include:
- Documents—wills, durable power of attorney, advance medical directives
- Trusts—marital, charitable, special needs
- Title/ownership implications and beneficiary designations
- Estate funding and liquidity
- Ongoing investment management and tax planning