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Created by Whittier Trust

Is your estate plan ready for flight?

Structuring your financial affairs is no different than creating a successful flight plan. It is critical to engage a trusted team to implement a flawless take-off, handle unexpected turbulence and guide you safely to your destination. 

The journey ahead

It begins with your money, but it ends with your family and legacy. How will you empower your loved ones to succeed with their individual flight plans? How will you distribute your financial assets in a tax-efficient manner to subsequent generations? How will you prevent your family from being consumed by the burden of wealth instead of its benefits? There are numerous ways to approach these challenges and each family’s flight path is unique. An inexperienced pilot is ill-prepared and reactive, behavior that could lead to critical in-flight errors. However, an experienced pilot is methodical and proactive. Locate a dependable co-pilot like Whittier Trust to provide thoughtful financial planning and guidance.

File your flight plan

You cannot begin your journey until you’ve submitted a flight plan. The same is true for comprehensive estate planning. With the assistance of a team of professionals, you can prepare for various outcomes and draft the necessary legal documents to enact your estate strategy. Employ a multi-family office that services the affluent and has successfully directed numerous flights for their clients.

Keep your estate plan logbook updated

Every trip must be continuously monitored with predetermined alternative actions in case of bad weather, turbulence, or other unexpected conditions. The same is true of your estate plan. Have there been recent changes in your family dynamics—have your in-laws become outlaws? Have you properly anticipated and minimized your estate’s exposure to taxes to limit the government’s share of your legacy? Have you periodically reviewed and updated your estate plan to ensure that it properly reflects your goals? Maintaining your legal documents is key to an effortless transfer of your assets.

Build a trusted team

No flight can be successful without an experienced and trusted team. Whether it be your co-pilot, your aircraft maintenance team, air traffic personnel, or ground support, a strong team is required for a smooth flight. Your estate plan necessitates the same support. Find an institution that can both assemble a custom group of trusted professionals or partner with your existing team to ensure that you achieve your stated goals and objectives. And, assemble this team in advance of your flight so that they can accurately represent and perpetuate your family’s culture and values to subsequent generations. Procrastination can limit your planning options, cause higher tax bills, and even lead to probate headaches and the public disclosure of your assets.

A controlled landing

Now is your opportunity to design an estate plan to safeguard your family’s future and legacy.  Doing so will provide you with peace of mind so you can sit back, relax, and enjoy the rest of your flight.

Topics: Taxes, Security