Page 76 - LIN.JANWEB

PROTECTING YOUR
FINANCE
FAMILY’S ASSETS

by Jill Ciccarelli Rapps, CFP®
Financial Advisor
E state planning can be a difficult subject to discuss. Many people you designate the placement of your assets, name

prefer to avoid broaching this topic, as it can be uncomfortable to beneficiaries, and establish the executor of your
think about your own mortality.
estate. Your will serves as the cornerstone of your
That being said, having an in-depth conversation about estate planning estate plan; in fact, your loved ones may receive
is the key to protecting your assets and providing a bright future for your little to no inheritance if you fail to draft a will.
family. By partnering with a financial advisor to plan your legacy, you While there are many online resources to help
can prevent common estate planning pitfalls and promote the financial you draft a will, these templates may not cover all
well-being of your spouse, your children and future generations. of your estate planning needs. The best approach
The following tips will help you establish a plan that reflects your for creating your will is to collaborate with an
desires and vision for the future. attorney and a financial advisor. A team of professionals can assist you
in alleviating any complications you may experience when your will is
CREATE AN INVENTORY OF ASSETS
executed.
The first step in estate planning is creating a comprehensive
inventory of all your assets – including property, business holdings, GATHER OFFICIAL DOCUMENTS
savings, and annuities and so on. In your inventory, be sure to include Once you have fully planned your estate, you will need to gather
all of your account numbers, dated statements and an explanation of your official documents, including:
how each asset is owned. By doing so, you will find it much easier to • Your will
keep your records up-to-date when your estate plan is executed. • Powers of attorney and advanced medical directives
With this foundation in place, you can develop a succession strategy • Life insurance policies
in accordance with your wishes. To make this vision a reality, it is crucial • Inventory of assets (including bank statements, property titles and
to understand how the estate laws and taxes will impact your assets. A deeds, safety deposit boxes, stocks and savings bonds)
financial expert can help you navigate the red tape and capitalize on • Beneficiary forms for life insurance and retirement accounts
opportunities for tax relief. • Living trusts
• A list of important contacts (your attorney, financial planner,
EVALUATE LIFE INSURANCE COVERAGE
trustees and executor)
Life insurance can be a critical component of your estate plan,
Once you complied your official documents, find a secure location
especially if your family members rely on you for financial support.
to store your paperwork that is easily accessible to your family.
Life insurance provides you with the liquidity you need to protect your
In order to preserve your legacy for future generations, you need
business holdings and make sure that your heirs are not forced to sell
a detailed estate plan that reflects your wishes. Whether you have $1
assets. Life insurance also serves as a great method for passing tax-free
million in assets or an estate of $10 million or more, establishing a
inheritance to your loved ones.
partnership with a financial advisor is the best decision you can make.
To take full advantage of life insurance benefits, you need to
Now is the time to organize your estate plan, facilitate a winning
understand the types of coverage that are available. You should evaluate
strategy and provide for your family’s future!
the differences between life insurance plans (i.e. term versus whole life
coverage) and determine which policy will best fulfill your needs.
To effectively safeguard your assets, you should review all of your Jill Ciccarelli Rapps, CFP®
existing policies with your financial advisor every 2-3 years, or whenever www.CASMoneyMatters.com
you experience a major transition in your life. It is also crucial to make
sure that your beneficiary designations are up-to-date. Ciccarelli Advisory Services, Inc. is located at
9601 Tamiami Trail North, Naples, FL (239.262.6577)
CONSIDER A LIVING TRUST
A living trust can also play a key role in preserving your assets. Jill Ciccarelli Rapps is a CERTIFIED FINANCIAL PLANNER®,
Living trusts can help your estate to bypass probate, and reducing the a trained life coach and a partner of Ciccarelli Advisory Services, Inc., a
family-focused wealth management firm in
costs and hassle associated with passing your inheritance to your family.
Florida and New York.
Living trusts are especially advantageous if you have minor children,
property in multiple states, or a large estate that will be subject to estate
Investment advisory services offered through Ciccarelli Advisory
tax burdens (i.e. estates with assets totaling $5.45 million or more). Services, Inc., a registered investment adviser independent of FSC
Securities Corporation. Securities and additional investment advisory
DRAFT A WILL services offered through FSC Securities Corporation, member FINRA/
Once you have a clear picture of your assets and a strategy for SIPC and a registered investment adviser.
managing your inheritance, you will need to create a will. In your will,
76 Life in Naples | January 2017