Estate Planning & Trust Services | Summit Club
Plan today to help your loved ones tomorrow
Estate planning and trust services are key to making sure your financial legacy is handled the way you want. Both focus on how your assets are passed on. Estate planning covers the big picture, including wills, power of attorney, healthcare decisions, and tax strategies. Trust services focus on setting up and managing trusts, which are legal tools that let you control how your assets are distributed, helping you avoid probate and potentially reduce taxes. Financial Partners works with AmeriEstate Legal Plan to support Members with estate planning services that suit your needs and unique goals.
How Financial Partners Wealth Management Team can help
- Review your options when deciding who should inherit your possessions and valuables.
- Name the guardian of your children or dependent's in the event of a premature death.
- Potentially reduce taxes on what you leave behind.
- Minimize the chances of family strife and legal battles.
- Minimize expenses and complications.
Estate Planning & Trust Services FAQ
A will specifies how your assets are distributed after death, and allows you to name guardians for your children under 18 years of age. However a will goes through probate, which can be time-consuming and public. A trust helps you manage and distribute your assets with more control and privacy, bypassing probate altogether. Having both a will and a trust ensures your wishes are fully carried out, with a trust providing smoother and more personalized asset management.
Estate planning can potentially reduce estate taxes through strategies like gifting assets during your lifetime and utilizing tax-efficient trusts. Trusts, such as irrevocable life insurance trusts (ILITs), help minimize the taxable value of your estate. Other options include charitable contributions and marital deductions which can potentially reduce estate taxes by lowering the estate's taxable value. Always consult your tax, legal, and accounting advisors before making any changes to your estate plans.
Life moves pretty fast, which is why it's crucial to review and update your estate plan every 3-5 years, no matter what happens next. Major life events, such as marriage, divorce, the birth of a child, or the death of a beneficiary, can affect your plan’s relevance and effectiveness. Changes in laws, especially tax laws, can also impact your estate plan, making it important to reassess your strategy. Through it all, regular planning ensures that your current wishes are reflected and provides the best protection for your assets and loved ones.
The right trust for you depends on your specific goals and financial situation each serving different purposes in estate planning. Revocable trusts allow for flexibility and control during your lifetime, while irrevocable trusts offer tax benefits and asset protection. Special needs trusts support disabled beneficiaries without affecting their benefits, and charitable trusts provide tax advantages while supporting causes you care about.
Wealth Management: Investment and insurance products and services are offered through Osaic Institutions, Inc. Member FINRA/SIPC. Financial Partners Wealth Management is a trade name of Financial Partners Credit Union. Osaic Institutions and Financial Partners Credit Union are not affiliated. Products and services made available through Osaic Institutions are not insured by the NCUA or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any credit union affiliate. These products are subject to investment risk, including the possible loss of value.
AmeriEstate Legal Plan: Financial Partners Credit Union is not liable for any tax, legal, or medical advice provided by AmeriEstate Legal Plan or its representatives. Users should consult qualified professionals for specific advice in these areas. FPCU is not responsible for decisions made based on information from AmeriEstate Legal Plan. Engaging with AmeriEstate Legal Plan is at the user's discretion, and FPCU assumes no liability for any related outcomes.