Broker Check

Estate Planning

Doffin Investments

Doffin Investments is an investment management firm dedicated to providing clients with a simplified approach toward building and managing wealth. Since 2003, we have found pride in developing deep, long-term relationships with our clients. That is why our plans are always personalized and prepared to weather the storms of any wealth lifecycle. While we focus on helping retirement strategies, we also offer ideas for reducing tax liability, minimizing distribution requirements, and maximizing investment-related income. Through personal, hands-on service, we not only support clients toward financial freedom but educate them on the concepts and strategies used to get them there. Altogether, these techniques are used by Doffin Investments to guide our clients toward the three pillars of prosperity: Save. Enjoy. Leave.

What is Estate Planning?

Estate planning is a process that encompasses mapping out exactly how your assets and estate will be divided when you pass away or if you happen to become incapacitated. This process includes naming heirs and what they will receive. Estate planning is an essential and valuable piece of your financial puzzle. It is all about leaving the legacy that you desire when you go. Not only does estate planning honor your wishes, but it honors your values and allows them to be passed down to your heirs. Ensure that you are making the most out of the legacy you leave with estate planning. Our firm does not offer legal advice. Consult your legal advisor regarding your situation.

Why is estate planning so important?

  • Protect Beneficiaries – Regardless of what assets you have in your estate, it is essential to protect your beneficiaries. If you don’t decide in advance who receives which assets when you pass away, you won’t have any control of what happens. Without a plan, it will be up to the courts to decide what happens. This process can take much time and incur several unnecessary fees.
  • Protect Young Children – If you were to pass away unexpectedly or become incapacitated while your children are young, what happens to them? Estate planning provides peace of mind knowing that in the event of the unthinkable, allowing you the opportunity to name a guardian for your young children. Ensure your children are taken care of by a person of your choice instead of leaving it up to the courts.
  • Minimize Taxation – Protecting your loved ones includes protecting them from the IRS. A sound estate plan will keep taxation in mind and minimize the tax burden that your loved ones incur when you pass on.
  • Eliminate Mess – Don’t let your loved ones find themselves taking out their feelings on each other. Creating a sound estate plan ahead of time will give your beneficiaries answers to any questions they may have and provide them with space and freedom to grieve instead of battle over who gets what.
  • Establish directives – Complete estate planning includes necessary legal directives such as a trust, a medical care directive, a durable financial power of attorney, and a limited power of attorney. It is imperative that you carefully select individuals who will do the right thing when it comes to having your life and your assets in their hands, literally. Sometimes it may be wise to assign medical and financial representation to different people. Be sure to select a backup for each.  

Estate Planning Financial Advisor

In the estate planning process, an estate planning financial advisor plays a key role. Your estate planning financial advisor will help prevent essential procedures and information from being missed in the process. Some of the crucial roles a financial advisor plays in estate planning include retirement planning, updating beneficiary information, considering significant life changes, and planning long-term care. Your estate planning financial advisor will also have access to other key professionals who will help in estate planning. Your estate planning financial advisor coordinates and provides vital information where needed. Instead of navigating the many complexities of estate planning on your own, having a financial advisor at your side will eliminate many difficulties you may encounter. Our firm does not offer legal advice. Consult your legal advisor regarding your situation.

Key Takeaways

If you have specific wishes regarding who will inherit your possessions and valuables, you require estate planning. There are rules and laws that one must consider when coming up with a sound estate plan. An estate planning financial advisor will help you navigate the many complexities that come with estate planning. Finding the right estate planning financial advisor shouldn’t be a difficult decision. Our team of financial professionals at Doffin Investments is here to help.

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