RJR Financial

Estate Planning

We offer estate planning services not only to wealthy clients, but to all clients who are concerned about those they leave behind.

A wise man once said: “There are two types of people – those who leave a legacy and those who leave problems”. Our job is to help you determine which one of those you are.

Let us work with you to ensure that your estate has been structured in order to minimize taxes and maximize benefits for your heirs and beneficiaries.

Pass on as much as you can

Only the wealthy need estate planning, right? No. The truth is that much of what you think will be passed on to your family may not actually reach them. Because of certain laws and taxes, your estate could be severely depleted, leaving less for your family and designated beneficiaries.

If you take advantage of estate planning products and strategies from us, you can plan ahead and preserve more of your assets for your survivors.

In this section we will examine estate planning processes, concepts and techniques, and the role of life insurance in estate planning.

Estate planning processes

The estate planning process is different for every individual. Not everyone is in the same life stage, nor do they have the same objectives and income needs throughout life. As individuals grow older, their goals may change, but at any stage in life, most individuals want to:

manage risk
accumulate assets
and preserve assets with their estate plan

To accomplish these objectives, an estate plan will help you establish and clarify goals and objectives, identify and quantify needs, and identify and quantify resources.

Concepts of estate planning

When constructing your estate plan there are three major concepts to keep in mind.

You should calculate the assets you own and determine the type of ownership associated with it.
You should evaluate what kinds of property transfers you want to make before and after your death.
And finally, you should become familiar with how estate shrinkage occurs and the kinds of death and estate taxes that exist.

Techniques of estate planning

Once you are familiar with the concepts behind estate planning, you still need to construct an effective and personal plan for your own estate. The techniques commonly used in estate planning are wills, trusts, durable powers of attorney and gifting. An effective estate plan will implement these various strategies in a way that will help you satisfy your needs and accomplish your goals.

The role of Life insurance

Choosing the right policy to achieve your estate planning goals is important. Life insurance proceeds can be used to pay estate or inheritance taxes, preserving your assets for your heirs.

Policies can be purchased on a single life or on two lives. A single life policy insures one person and the face amount is paid out at that person's death. A second-to-die or joint life policy insures two people and the face amount is paid out at the second death.