DELGALLO.com WEALTH MANAGEMENT ESSENTIALS –Estate Planning Documents to Consider in Your Financial Planning

 

DELGALLO.com WEALTH MANAGEMENT ESSENTIALS – Estate Planning Documents to Consider in Your Financial Planning

By LEONARD J. DEL GALLO JR., M.S., MPAS^sm, CFP®

(www.DELGALLO.COM)           Del Gallo Financial Services, LLC

 An Advance directive, will, and revocable trust may be important to consider as part of your financial planning. A durable power of attorney form can be used in conjunction with a revocable trust to authorize or appoint another individual or individuals to transfer assets or shift the title of property into a trust if the individual is unable to do so and the durable power of attorney form should be updated at least every two years. The durable power of attorney can be used during the individual’s lifetime by the appointed person but is not valid upon the individual’s death. A health care power of attorney form can be useful to appoint someone else to make medical decisions if the individual is unable to do so themselves and should be updated at least every two years. A living will, a separate document from the will, can serve a purpose by specifying the individual’s medical wishes for example if the person does not want to be placed on life support or other machinery if they are incapacitated.  The will is the primary document that specifies the individual’s wishes as to where assets should go in the event of their death that are not already held within their revocable trust or passed directly to a beneficiary through a beneficiary designation. The will may also appoint a guardian for any of the individual’s children who are still minors. The executor would be named in the will to carry out the individual’s wishes as specified in the document. Any nonqualified assets that pass outside of a trust through the will may be subject to probate and if the individual has stated that they would like to avoid that from happening, then potentially placing assets within a revocable or irrevocable trust may help them to avoid probate with certain estate assets. Assets that are passed by the will or held within a revocable trust will be included in the individual’s estate. All of these documents and others should be discussed and considered by individuals along with their financial professionals prior to creating any estate plan.

Any questions please contact Del Gallo Financial Services, LLC by visiting our website at https://delgallo.com/. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Articles created by Len Del Gallo Jr., may not be copied or used without written permission from Len Del Gallo Jr. Please note that some information may be protected by copyright laws. Del Gallo Financial Services, LLCDel Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency. 

                                                    Works Cited

Leimberg, Stephan R., et al. Tools and Techniques of Employee Benefit and Retirement Planning. 5th ed. Ohio:The National Underwriter Company, 1997. Print.

Leimberg, Stephan R., et al. Tools and Techniques of Estate Planning. 15th ed. Ohio:The National Underwriter Company, 2011. Print.

Leimberg, Stephan R., et al. Tools and Techniques of Income Tax Planning. 3rd ed. Ohio:The National Underwriter Company, 2009. Print.

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CT Managing Broker: Berkshire Hathaway HomeServices N.E. Properties
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Del Gallo Financial Services, LLC is a registered investment advisor and licensed insurance agency.

Leonard J. Del Gallo Jr., is an investment advisor representative of Del Gallo Financial Services, LLC and a licensed insurance agent.

Leonard Joseph Del Gallo Jr., a licensed Real Estate Broker Associate and independent contractor who helps clients with INVESTMENT, COMMERCIAL, & RESIDENTIAL property. Managing Brokers - Berkshire Hathaway HomeServices N.E. Properties in CT and Park Place Realty Network, LLC in FL - Berkshire Hathaway HomeServices and Berkshire's related companies & Park Place Realty Network, LLC are not affiliated with Del Gallo Financial Services, LLC. Visit: www.AVONCTREALESTATEAGENT.COM

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