Strategic Planning

People who engage in strategic planning put together a portfolio of services that protect assets and transfer wealth at the end of life. Taking time to plan ahead can reduce estate taxes and ensure heirs receive inheritance without having to endure probate.

If you’re like most, you feel overwhelmed by the task of strategic income planning. While it does require effort, the process can be simplified by working with an estate planning law firm, such as Craton and Switzer.

Experts can explain the pros and cons of available strategies; prepare legal documents; and walk you through the entire process. Strategic planning generally involves developing retirement plans and estate planning services to protect personal and business assets.

If you own a business it is also smart to take part in succession planning and protect company assets. These methods are used to designate a successor who can assume management duties if you’re unable to do so due to medical reasons or death. Click here to read more about business succession planning and the benefits it offers.

Developing a retirement plan is especially important, but increasingly more challenging. During times of economic turmoil many people find it difficult to set aside money for the future. However, with professional financial planning guidance most can find ways to reduce expenses and begin funding an IRA or purchase investment products such as annuities.

Retirement planning isn’t only for ensuring finances are in order when you’re ready to retire. It also involves transitioning wealth accumulation into distribution so you can maintain your acquired lifestyle.

Working with financial experts will clear the confusion on when to buy or liquidate assets. It will also help you understand tax consequences associated with capital gains or when taking IRA distributions.

To be able to live off interest acquired from financial investments necessitates a solid understanding of investment practices. Not only can financial advisors help you develop solid investment portfolios, they can keep you abreast of changing tax laws.

Estate planning isn’t only for making arrangements for death. Instead, these strategies can protect assets throughout your life and provide directives for handling assets in the event of incapacity or death.

Estate lawyers can go over the various methods and help determine the best approach for your personal circumstances. At the very least, individuals should prepare a last will, durable power of attorney, and healthcare proxy.

Wills are especially important for parents and legal guardians, as this document is used to name a guardian for minor children. Wills can be used in combination with family trusts or a children’s trust fund.

Trusts are a preferred method for preserving family property and privacy. The most common is revocable living trust, but there are several others. We talk more about the various trusts and their uses on our estate planning blog.

The legal team of Craton and Switzer is dedicated to helping our clients feel comfortable creating a life plan. Our goal is to provide information and assist clients with sound strategic planning for themselves, their family, and future generations. Click here to send us a message or call us at 562-628-5533.