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Basic Estate Planning Considerations

Basic Estate Planning Considerations

Posted on November 22nd, 2019

Every individual has a responsibility to their family to consider basic estate planning steps. Many individuals believe that in the event of their passing, their closest family member (spouse, parent or child), will immediately obtain control of their assets. The fact is that without at least a minimal amount of planning, your assets and their distribution will be placed in the hands of the probate court which will be costly and time consuming and may not achieve your desired results.

At a very preliminary level, individuals need to consider addressing the following planning:

  • Execute a power of attorney over your financial affairs and your healthcare
  • Write and sign a will
  • Review beneficiary designations for all life insurance policies
  • Review beneficiary designations for all retirement accounts
  • Review titling of all assets including your home and vehicles
  • Consider creating a revocable trust and transferring your assets to it

The above are the most basic of preliminary considerations when developing an estate plan. As your assets grow, and your financial situation becomes more complex, additional planning will be required.

We have professionals on staff trained in assisting you with estate and trust planning techniques.

Dear Clients, Business Associates and Friends,

As the coronavirus (COVID-19) continues to affect local communities and global economies, you may have concerns about your financial well-being as well as your business and employees. Or you may be wondering about how recently passed legislation impacts you and your enterprise.

BHCB is still at work, continuing to service the needs of our clients.

Whether you have tax or financial planning questions or need advice on ways to navigate the expanded benefits, we are here for you. If you have any questions or concerns, please do not hesitate to contact us at our respective offices. New Haven – 203-787-6527, Fairfield – 203-333-2228.

During this unpredictable and challenging time, it’s more important than ever to stay connected. We are in this together and our thoughts go out to all who have been impacted by this unprecedented situation.

Rest assured; we are here to help with your questions.

We have also assembled a list of resources to help individuals and businesses through this period.