One important aspect of financial planning and personal wealth management is estate planning and planned giving. While many people create a simple will, working closely with an estate planning specialist will allow you to take advantage of tax strategies that you may otherwise miss. If you need help with trust and estate planning, or any other money management services and live in the Boise or Meridian, ID areas, call us today at (208) 855-9400 or request a quote online.

Family Estate Planning

An estate plan consists of documents that state your wishes regarding the protection of your personal property, including your assets (estate) and how you want to pass them on. Not only will you be determining who will receive your assets and manage your estate when you die, but it can be a beneficial tax strategy and help avoid probate court. 

The best estate planning should include the following:

• Will/Trust
• Durable Power of Attorney
• Beneficiary Designation
• Letter of Intent
• Healthcare Power of Attorney
• Guardianship Designations

Who needs an estate plan? Anyone who is a legal adult should start an estate plan and update it every 3-5 years. Hawke Financial Group can help anyone who would like to prepare these documents.

Planned Giving

Planned giving can be an important part of an estate plan. It is simply defined as the donation of planned gifts as part of your wealth management strategy. A planned gift is any major gift, and the donation is usually granted when the donor passes away. A bequest is the easiest planned gift to make, as well as the most popular. It is made through a living trust or will and costs the donor nothing during their lifetime.

There are different types of planned gifts (all of which can be used as part of a tax planning strategy for individuals), including appreciated assets, income, cash, property, real estate, life insurance, or equity. 

Participating in a planned giving program, also known as gift planning or legacy giving, is an important tax and wealth transfer strategy and needs to be accounted for in retirement planning. By including it as part of your legacy planning, you can continue to support causes and people that are important to you even after your death. For more financial planning or investment help, call us at (208) 855-9400 or contact us online.