Leave A Legacy, or Leave A Mess
Fraser Allport, Fiduciary and Certified Estate Planner- teaches 10 easy Estate Planning Tips : Leave A Legacy, or Leave A Mess.
— Albert Einstein
DAYTONA BEACH SHORES, FL, UNITED STATES, January 24, 2023 /EINPresswire.com/ — Fraser Allport, a Fiduciary and Certified Estate Planner ™ with 41 Years of Experience, provides 10 simple Tips for wise Estate Planning
The finishing touch to every good Financial Plan is Estate Planning.
Fraser Allport is a Certified Estate Planner ™ , and can help craft a lasting Estate Plan.
When a person dies … They want to Leave A Legacy, not A Mess.
An Estate Plan is about properly and easily passing one’s entire Life’s work and Assets.
Fraser Allport is a Fiduciary and Certified Estate Planner ™ with 41 Years of Experience.
With 41 Years of Experience … Fraser is The Advisor that a person keeps for Life.
Fraser’s Biography, Services, and Credentials are at : www.fraserallport.com
Fraser’s website also has a link to Google Reviews from his Clients.
Also see Fraser’s Workshops at :
After Retirement Planning, Estate planning is one of the most important (and complicated) financial decisions a person can make.
Estate Planning is even more difficult because of the emotions driven by contemplating one’s own mortality.
A Google search for “Estate Planning” results in more than five billion entries, while “Estate Planning services” populates another three billion.
As the search results indicate, knowing where to start is often the toughest task of all. The search begins with an experienced Estate Planner.
Estate Planning is not DIY.
Consult with a Professional.
There’s a lot on the line here for a person and their Heirs, and no room for mistakes.
Because by the time Estate Planning mistakes are discovered in the documents … it’s too late : That person is deceased, and cannot make corrections.
Fraser Allport is both a Fiduciary and Certified Estate Planner. ™. Fraser’s 41 Years of Experience speaks for itself.
Fraser simplifies the process of starting and finishing an Estate Plan … The Right Way, not The Fast Way.
Fraser’s simple “ Estate Fact-Finder ” questionnaire can help start the process of building a bona fide Estate Plan.
An Estate Plan that survives a person, and ensures their lasting Wishes and Legacy.
Here are Fraser’s 10 Critical Steps for Estate Planning :
1. Define Objectives.
Estate Planning has a straightforward yet daunting goal: to record a plan for distributing a person’s life’s assets upon Death. Such a task is multifaceted. It encompasses elements of money, taxes, family dynamics and emotions.
Clearly define wishes, objectives, and directives, in writing
This includes taking care of a Special Needs child, and bequests made in installments over Time.
What’s the ultimate goal ? Who gets what, when, and how ? Who is the Executor or Successor Trustee ?
Does a person have Powers of Attorney, Health Care directives, and HIPPA Authorizations in place ?
What about Final Expenses and a pre-paid Funeral / Cremation Plan ?
Start with intentions, and the next steps will be clearer.
2. Inventory all Assets and personal belongings.
Before a person can assign beneficiaries, take stock of all Assets.
That includes everything : Financial Assets, and then Personal Property like Homes, Boats, Motorcycles, RV, Guns, Gold, Jewelry, Antiques, Stamps, etc.
Assets include both the tangible and intangible, such as:
Homes, Land and Real Estate
Collectibles/Antiques/Coins/ Jewelry, etc
Sentimental Family Heirlooms. Who gets your Wedding Ring ?
Personal possessions ( Gold, Coins, Stamps, Guns, Tools, Antiques, Furniture, etc.)
Bank and Brokerage accounts
Stocks, Bonds, Mutual Funds, IRAs, Annuities, etc
Life Insurance and Annuities.
Think about one’s entire Life’s Work.
Who gets What, When, and How ? ( A lump sum, or installments over Time, perhaps with conditions ? )
3. Plan for Out of Pocket Medical Expenses and Income Taxes.
A person is healthy today and in control of their faculties.
That may not always be the case.
Who controls the Financial and Medical Power of Attorney ?
Who controls the ” Do Not Resuscitate ( synonymous with a ” Living Will ” )
Who controls HIPPA Authorizations ?
Has the person also factored Income Taxes into Estate Planning ?
State and Federal Income Taxes may be due on the decedents’ final Income Tax Return.
An Estate may also be subject to Estate Taxes.
Death and Taxes go hand in hand. So budget for Taxes.
Happily, there are legal IRS Code Sections for reducing Income Taxes for one’s Estate and Heirs.
4) Take a complete Inventory of all Assets.
Then decide what Legacy, memory, or impact that a person wants to make ?
What about bequests to Charities ?
What about bequests for Grandchildren and College funding ?
Is a person leaving a lump sum, or funds in Trust ?
5. Decide who are the Beneficiaries, Executor, or Successor Trustee ?
In most states, next-of-kin are the standard Estate beneficiaries when a Will doesn’t exist. But that may not align with a person’s final wishes.
A person can leave their Estate to anyone, including Charities and Alma Mater.
But as The Lawyers say … ” If it is not in writing … it isn’t happening. “
6. Prepare the Successor Trustee’s or Executor’s tool chest.
This is the step that makes Estate Planning simple for the Successor Trustee or Executor.
Income Taxes can have a significant impact on the final value of inherited funds, while Health Insurance, Life Insurance policies, and other financial strategies can be the difference between using up resources … or passing along bequests and Leaving A Legacy.
Among the list of medical and legal considerations that a person should evaluate with a Professional are the following:
Trust or Will ?
Powers of Attorney – Medical and Financial
Medical Care Directive (a.k.a. DNR)
Who files the final Income Tax Return for Decedent ?
7. Enlist the advice of a Certified Estate Planner like Fraser Allport.
If the above duties sound daunting, they can be.
This is where a Fiduciary like Fraser Allport can help.
A licensed Fiduciary is legally and ethically obligated to act in a person’s Best Interest, and can help navigate the ins and outs of Estate Taxes, Life Insurance, Wills and Trusts, and more.
Getting the right advice at the right time could save the Beneficiaries time and costs associated with Probate Court and Lawyers’ Fees.
This can make the settling of the Estate less stressful and costly for the Heirs.
8. Don’t “set it and forget it.”
A person may be Retired, but their Money is not.
A quality Estate Plan should always be updated annually.
Both a Will and/or a Trust should be reviewed annually.
A person’s situation may not have changed, but State’s Laws may have.
Be proactive. Start now, and review all documents annually.
9. Don’t forget to ” fund The Trust “.
Establishing a Trust is one thing.
Funding it by putting all Assets into the Trust is another matter, and necessary. An ” un-funded Trust ” is like an empty bottle.
A person’s Trust is useless unless it is properly ” funded ” by transferring all Assets into that Trust.
Fraser can help with this. 41 Years of Experience matters.
10. Leave A Legacy. Don’t Leave A Mess.
Remember this mantra.
Start and Finish the process. Leave one’s Life’s work to one’s loved ones … not the Probate Court and Attorneys’ fees.
This is both a financial and moral imperative. A person’s entire Life’s work is at stake here.
Schedule a no obligation Complimentary Consultation with Fraser Allport, specializing in Retirement, Medicare, Income Tax and Estate Planning, IRA, ROTH, 403b, and Deferred Compensation Plans at : www.calendly.com/fiduciaryadvisor
Or Call Fraser personally at 386.882.6256 in Florida from Noon-8 pm, Est.
Fraser Allport also specializes in the FRS DROP, Federal Employee Retirement System, IRA, ROTH, 403b and Def. Comp’ Plans.
Fraser has been in Business for 5 Decades.
A person’s Retirement will depend on how much planning they put into it.
It is never too early to plan for Retirement.
Planning is a verb. Retirement only happens if planned for.
For those who participate in the Florida Retirement System’s DROP Program and 457 Deferred Compensation Plans, watch Fraser’s Educational Videos at https://www.fraserallport.com/florida-drop-library/.
Preparing for Health Insurance and Out of Pocket Medical Expenses is an important part of Retirement Planning, which is why Fraser Allport is licensed in Medicare, Medicare Advantage, and Medicare Supplements. Watch Fraser’s Medicare Videos at https://www.fraserallport.com/medicare-library/.
Social Security is also an integral part of Retirement Planning. Fraser Allport offers a no obligation Complimentary Consultation to help people analyze their optimum Social Security claiming strategies at https://www.fraserallport.com/social-security/.
Fraser also does Onsite Educational Workshops at Schools, Facilities, HOAs, Senior Centers and Clubs.
If a person Gets Smart with their Money … They will have more of it.
Fraser serves all of Florida, and can work in all 50 States.
Fraser has been in Business for 41 Years.
Client references are available to speak with upon request.
Read Fraser’s Client Google Reviews at :
The Total Advisor, LLC is an Independent Retirement, Social Security, Medicare, Income Tax, and Estate Planning Firm owned by Fraser Allport. Investment Advisory Services are offered through Coppell Advisory Solutions, LLC, dba Fusion Capital Management, an SEC Registered Investment Advisor, transacting business in States where it is registered or excluded from registration. FL. License # A004461.
SEC registration does not constitute an endorsement by the SEC, and does not speak to Advisor’s skill or ability. All investment strategies have the potential for profit or loss
“ All Knowledge comes from Experience. ” – Albert Einstein
Fraser Allport’s Educational YouTube Videos
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