A great gift of love for your family is to prepare for the future and plan your own legacy. Making financial plans for the end of your life may be uncomfortable, but a professional can make the process insightful and worry-free. We all know illness, disability, or death will ultimately occur; however, strategic planning protects your loved ones from difficult decisions and a lengthy intestacy process. Ensuring that your estate is dispersed the way you desire means that your resources and assets go to your loved ones, your church, and to nonprofits with values that are important to you.
Estate planning also allows you to leave a legacy of generosity. By settling your affairs yourself, taxes for your heirs can be limited, and your support towards the nonprofits or ministries that you care about can be secured. Your intentional act of charity will provide those you care about with the resources to continue making a difference in the community for years to come.
Chronic illnesses – Factoring in the possibility of a long-term disease is one of the challenges associated with estate planning. Typically, chronic disease is associated with high costs. Our experts at Faithward Advisors can help you navigate the best way to plan accordingly for such a financial hurdle.
Taxes – Taxes on assets can be difficult to understand and difficult to afford. After your demise, your offspring, charities, and the government are the most frequent recipients of your assets. Careful planning now ensures that the parties you desire to bless with your financial legacy are the ones who do in fact receive it.
Miscommunication – Wealth can be a significant blessing, but it also has the potential to create family conflicts. Without careful and intentional communication between family members, it’s possible that your end-of-life wishes may be misunderstood. It’s important to take the time now to convey to your loved ones how you plan to disperse your assets and why. In doing so, you will inspire future conversations and sow seeds that may one day yield a harvest of generosity.
Faithward Advisors know that every estate is diverse, which is why we approach estate planning with the understanding that there is not a “one size fits all” method. We take into consideration your personal goals and desires regarding your inheritance and your legacy. We help you make those dreams into a reality.