Estate planning is an effective way of transferring assets, and/or conveys legal arrangements in the advent that something happens to you or a loved one. Estate planning usually minimizes tax consequences and legal fees and ensures that your wishes are carried out.

Due to the complexities of Estate Planning, we at FireLife recommend blended services of a qualified attorney and financial planner to ensure that your goals are met during this process.

The following is to be used for educational services only:

What is an Estate?

The meaning of “estate” is all the property that a person owns or controls, whether held in name, partnership, and trust. This will include the following properties:

• Real Property (house, etc)
• Personal property (auto, jewelry, etc)
• Business interest
• Life insurance and pension plans

Who Should an Estate plan?

It is FireLife’s recommendation that you should engage in estate planning if you meet the following criteria:

• You have minor children
• You wish to be proactive with regard to healthcare directives
• You have assets you wish to transfer

Common Examples of Estate Planning

Will

A will is a written declaration by an individual (testator) of his or her intentions for the disposition of assets after death. If the will was prepared and executed in accordance with legally required formalities, and if the testator was competent and not under duress, the probate court will generally order that the testator's plan be carried out by the executor.

A living will is a document, which is placed in advance of a disability or terminal illness, which specifies care during states of incapacity or final stages of death.

Today people are not only concerned with providing for the disposition of their property at death, they are also seeking to leave clear advance directives on their wishes as they relate to life-sustaining care while they're alive.

Trust

Living Trust can be used to hold legal title to and provide a mechanism to manage your property. You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust. Unlike a Will, a Trust, usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most trusts are "revocable" which allows the person who creates the trust to make future changes, modifications and even to terminate it. (If the trust is "irrevocable", changes, modifications and termination are very difficult, although such trusts often carry some tax benefits). Trusts also help you avoid or minimize the expenses, delays and publicity of probate.

Family and Limited Partnerships allow you to own and manage your property, in a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to avoid federal and state estate/death/ inheritance taxes.

Business Succession Planning

A sound succession plan is required when the business is to be continued after the owner retires, or should the owner die or become disabled prior to retirement or sale. FireLife can help business with the following:

• Business Succession Planning
• Specialized Deferred Compensation
• Key Employee Compensation
• Personal Life Insurance Plans
• Disability Insurance Plans