Work With People You Trust

Estate Planning

Retirement Planning

Need A One-Liner Related to Estate Planning

When a person passes away without updated estate planning documents in place, it is possible not all of their wishes will be met and your beneficiaries may not receive everything they are entitled to, or exactly how you would prefer.

You can start to lay the groundwork in your financial plan to consider the legacy you want for your children, your grandchildren or a charity for years to come. This legacy can extend beyond a simple financial inheritance. If properly designed, it can be a part of a rich tapestry supporting the values you instilled in your family. The actions you take today for your financial plan will have an impact long after you are gone.

Estate Planning Facts

In many cases, a simple will can suffice as a way to ensure the desired transfer of assets and guardianship of children. However, Consider the following:

Estate tax laws change periodically as do the individual’s financial situation which can make an estate plan obsolete if it is not reviewed periodically. A good estate planning team can provide the necessary guidance to ensure that your estate plan is current and operable.

A will is subject to probate which means that all assets are distributed under the supervision of the court. Absent a will, the state becomes the executor of the estate and will name guardians and beneficiaries according to its laws.

Assets such as life insurance and qualified retirement plans transfer by contract to named beneficiaries outside of probate.

The afternoon knows what the morning never suspected.

Robert Frost

Insight from the Experts

Featured Blog & News

Retirement Insight brought to you by the Summit Financial team.

Summit Financial Consulting LLC

Working With People You Trust.

43409 Schoenherr Road

Sterling Heights, MI 48313

Phone: 586-226-2100
Fax: 586-226-3584
info@summitfc.net

The Fine Print

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Summit Financial Consulting LLC and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation.

The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Michigan, Florida, Texas or where otherwise legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. All investing involves risk including loss of principal. Past performance does not guarantee future results.

Advisory services are offered through Summit Financial Consulting LLC, DBA Summit Financial Working With People You Trust, an SEC Investment Advisor. Being registered with the SEC and being a registered investment adviser does not imply a certain level of skill or training. Summit Financial Consulting LLC and its representatives do not render tax, legal, or accounting advice. Health/Life/Annuity Insurance products and services offered by the individual insurance agent. Group Health insurance and ancillary benefits are offered through Summit Health Services, LLC. Property/Casualty (P&C) Insurance is offered through Summit Insurance Services, LLC and our local P&C agency partners. Representatives of Summit Financial Consulting LLC offer tax preparation services through Summit Tax Services. Summit Tax Services is a DBA of Heemer Klein & Company and they are owned and operated independently. Tax products and services are offered through Summit Tax Services LLC. Summit Financial Consulting LLC, Summit Health Services LLC, Summit Tax Services LLC, and Summit Insurance Services, LLC are affiliated entities.

Summit Financial Consulting LLC, Summit Health Services LLC, Summit Tax Services LLC, and Summit Insurance Services, LLC are not affiliated with the Social Security Administration or any government agency.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.