Estate Planning and Wealth Transfer
Estate planning and wealth transfer strategies are the building blocks for making one’s wealth last beyond their lifetime, leaving a legacy for heirs or charities.
In order to have a holistic estate plan, McBeath Financial Group encourages our clients to have a team, who acts as their personal board of advisors when it comes to creating a personalized estate plan; you will most likely need an estate planning attorney, a tax advisor, and a financial planner working together to optimize your estate plan.
Preserving and/or enhancing wealth for future generations requires careful planning. A cohesive estate plan will incorporate financial and tax strategies, along with legal documents, to make sure your final wishes are executed in the most tax-efficient manner. For those having pre-existing relationships with qualified attorneys and/or tax advisors, McBeath Financial Group is willing to collaborate with the existing team. For those lacking existing relationships and the necessary legal documents for the recommended wealth transfer strategy, McBeath Financial Group has great working relationships with attorney’s that specialize in estate planning and elder law.
As an experienced tax advisor, insurance professional and wealth manager, McBeath Financial Group is equipped to create and carry out generational wealth planning. While not an attorney, McBeath Financial Group’s role in the estate planning process is equally important in the scope of how a client’s wishes are carried out. In addition to the oversight provided, McBeath Financial Group will assist in implementing a sound investment and wealth transfer strategy. Working together with an attorney, we strive to provide a strong cohesive planning process to create the legacy plan desired.
McBeath Financial Group’s comprehensive financial planning process includes checks and balances along the way. These checks regularly reveal potential issues, that left unresolved would invariably lead to complications and expenses for heirs. Worse, many times we find unintended recipients and consequences from existing documentation. To uncover such issues, here are a few steps clients might expect when working with McBeath Financial:
Review of insurance and investment beneficiary designations
Examine current life insurance policies
Family legacy meetings to discuss wealth transfer strategies
Consultation and group meetings with legal counsel
Perhaps the most important part of the legacy planning happens during the execution of an estate plan. It cannot be overstated how important it is to family and heirs to have a trusted advisor there at a time when they are needed the most. Even with an established plan, there is a process to navigating the last wishes and the efficient transfer of wealth. The most important role of the financial professional may very well be when a family member needs a guiding hand, a counselor and advisor beyond financial matters. It’s at such times, the most crucial time, loved ones need to be able to lean upon an advisor with a rare combination of compassion and competence.
We offer our prospective clients a complimentary, no obligation discovery meeting. We welcome you to make the first step and simply click below to choose a time for a 20-minute complimentary introduction call with Krista. It's a great way to get to know each other and determine if a discovery meeting might be beneficial for you. Of course, our office staff is always happy to help with scheduling as well and can be reached at 309-808-2224.