Are you in control of your legacy?

Author

Edward Jones - Chad Choate, AAMS

Posted on

Feb 23, 2021

Book/Edition

Florida - Sarasota, Bradenton & Charlotte Counties

Share This
A proactive estate strategy can help place you not state law or courts in control of decisions about the care of your children, your assets and your health care.
Whose strategy do you want yours or the states?
When you don't have an established estate strategy, the laws of your state become your strategy by default, which may not align with your desires. Every state has statutes dictating to whom assets will be passed after a persons death, how to handle the decisions of an incapacitated person, and how the court will select a person to be in charge of these decisions. Even considering this, only slightly more than half of Americans have a will or trust in place, leaving control of their minor children and their assets to state law and the courts.1
Its about control
Ultimately, developing an estate strategy is not merely about wealth. Its about putting you in control of your legacy, ensuring the items most important to you are cared for as you intend. Additionally, having a strategy in place can help ensure your wishes are followed in an orderly and structured manner, reducing potential delays and conflicts that could arise among your beneficiaries.
Understanding trade-offs
Estate planning often will require you to prioritize your goals and make some trade-offs. For example, there is often a trade-off between strategy simplicity and level of control. Transfer on Death (TOD) agreements and beneficiary designations are often simpler to implement but offer little control over taxes and/or the beneficiaries use of funds. If you want more control over these items, trusts may provide more options. However, these options may bring additional costs and complexity, and your decisions could even become irrevocable, depending on the strategy. Its important to discuss all of these considerations with an estate strategy attorney.
A team approach
Edward Jones does not provide estate planning or tax advice, so its important to have a team of professionals, including your:

Edward Jones financial advisor
Estate-planning attorney
CPA/tax professional

Each team member has a different area of expertise .For example, your Edward Jones financial advisor can help you identify and prioritize your overarching financial legacy goals, and consider how these goals align with other financial goals, such as living comfortably in retirement, ensuring your surviving spouse can maintain his or her lifestyle should you pass away or providing for your children's/ grandchildren's education .Your financial advisor can also review your beneficiary designations to ensure they align with your desires. Your attorney drafts legal documents for specific estate strategies based on these goals, while your tax professional determines the tax implications of these strategies.
Engaging a fee-based trust company
Strict federal and state laws govern the implementation of trusts, requiring trustees to perform certain duties for investments, administration, communication, accounting and confidentiality. Some individuals may want to delegate these legal responsibilities to an outside entity, such as a fee-based trust company, rather than maintaining them or passing them to a family member. Some services provided by these firms may include managing nonfinancial assets, withdrawal analysis and investment planning. Edward Jones Trust Company provides professional trust services, including serving as trustee or co-trustee, successor trustee or managing agent. The Edward Jones Trust Company can also help you determine your estate and legacy goals personal and financial and can work closely with your Edward Jones financial advisor and other estate and tax professionals to develop a comprehensive strategy for your situation and goals.
Take control today
Establishing your estate is simply not something that can wait. By taking the time to prepare now, you can help ensure some comfort for the future putting you in control of your legacy goals.

Submitted & Written By: Edward Jones- click here to learn more.

Other Articles You May Like

How MyCareFinders Simplifies the Senior Living Search Process

When families are navigating the task of finding the senior living option for their loved ones, MyCareFinders offers a simplified and comprehensive approach to guide them through every step of the process. MyCareFinders is committed to helping families discover the living community that aligns with their individual needs and preferences. This article will delve into the process that MyCareFinders follows to streamline the search for living options for families.Step 1: Initial ConsultationThe first stage in the MyCareFinders process involves a consultation with a knowledgeable senior care advisor. During this consultation, the advisor will attentively listen to the family's requirements, preferences, and concerns. They will gather information about the senior's needs, lifestyle choices, financial constraints, and preferred location for the living community.Step 2: Evaluation and PlanningDrawing from the insights gained during the consultation, the MyCareFinders advisor will conduct an evaluation to pinpoint suitable senior living choices for the family. This evaluation considers factors such as the required level of care, desired amenities, and budgetary considerations. Subsequently, a personalized care plan will be crafted by the advisor to address the needs and preferences of the senior.Step 3: Community SelectionOnce the tailored care plan is ready, the MyCareFinders consultant will share a list of living communities that match the family's preferences. They will give information about each community, covering services, costs, and any special programs or activities. The family can review this information, ask questions, and then make their decision.Step 4: Tour ArrangementAfter selecting living communities of interest, the MyCareFinders consultant will arrange tours. These tours will be scheduled at times convenient for the family, with the consultant guiding them and addressing any queries during the visits.Step 5: Decision Making and TransitionOnce the family has completed their tours and picked a living community, the MyCareFinders consultant will help with decision-making. This involves going over contracts, discussing payment options, and organizing the move-in process. The consultant will offer support to ensure a smooth transition for the family.Step 6: Continuous AssistanceAfter moving into their community, MyCareFinders remains available to support the family. The counselor will check in regularly with the family to make sure the senior's needs are being taken care of and that they are pleased with their living situation. The counselor is also there to help out with any problems or worries that might come up.To sum up, MyCareFinders provides a tailored approach to simplifying the search for living for families. By walking families through each stage of the process, from discussion to selecting a community to transitioning and beyond, MyCareFinders ensures that families discover the senior living solution for their loved ones.

The Benefits of Using a Free Senior Placement Service

As families navigate the process of selecting the senior living community for their loved ones, they can rely on free senior placement services as a helpful resource. These services come with advantages that can ease the burden on families, both in terms of time and finances, while ensuring top-notch care for their seniors. In this piece, we will delve into the perks of utilizing a placement service and how it aids families in discovering the ideal senior living community.Tailored Assistance: A significant advantage of opting for a placement service is the personalized guidance offered by seasoned advisors. These advisors collaborate closely with families to grasp their requirements, preferences, and financial limits. Using this information, they pinpoint living communities that align with these criteria, sparing families the hassle of researching and visiting facilities.Network Access: Free senior placement services often boast established connections with an array of senior living communities. This grants families access to a selection of choices than they might find independently, thereby enhancing the chances of finding a community that suits their needs.Specialized Expertise: Senior placement advisors are versed professionals in the field of living. They have an understanding of the types of senior living communities, such as independent living, assisted living, memory care, and skilled nursing facilities. This knowledge allows them to offer advice and insights to families, assisting them in making informed choices regarding the care of their loved ones.Time Efficiency: Searching for the living community can be a lengthy process. By utilizing a no-cost placement service, families can simplify this task. They can promptly identify communities that match their requirements. This helps save them time and enables them to concentrate on priorities.Financial Benefits: Contrary to belief, using a senior placement service does not incur any expenses for families. These services are typically sponsored by the living communities themselves, enabling families to receive assistance and guidance without any financial burden. Furthermore, senior placement advisors can aid families in navigating the aspects of living, including comprehending expenses, insurance coverage options, and available financial aid programs.Alleviated Pressure: The process of selecting the living community can be stressful for families. From exploring options to touring facilities to reaching a decision, there are choices to consider. Senior placement services that are free of charge can help reduce the burden by providing expert advice and assistance throughout the process.Continued Support: Even after a family has chosen a living community, senior placement advisors can offer assistance. They can assist with the transition, coordinate care services, and address any concerns that may arise post-move.Advocacy Role: Senior placement advisors serve as advocates for families to ensure their loved ones' needs are met. They receive care and assist families in navigating issues and offer guidance on advocating for their loved ones' rights and well-being.In summary, utilizing placement services provides various advantages for families seeking the right senior living community for their loved ones. From guidance to access to a network of communities, cost savings, and reduced stress, these services simplify the process. By utilizing the knowledge and resources of placement advisors, families can guarantee that their loved ones receive top-notch care in a community that suits their requirements.

How to Prepare for a Senior Living Community Tour

When exploring living communities, it's crucial to visit them to choose the right fit for yourself or a family member. These tours provide an opportunity to see the facilities, services, and care options up close. To ensure you get the most out of your visit, it's essential to prepare in advance. Here are some suggestions on how to get ready for a tour of a living community:Research and Compile a List: Before arranging any visits, do some research on living communities in your area. Create a list of choices based on factors like location, available services, and pricing.Schedule Your Visits: Reach out to the communities on your list to set up tours. If possible, try to schedule tours in one day so you can compare options more effectively.Prepare Your Questions: Take the time to jot down a set of questions you'd like to ask during the tour. These questions could cover topics such as the types of care provided, staff credentials, dining choices, activities and facilities offered, and pricing details.Dress Appropriately: Dress in attire and footwear suitable for walking or standing for a period while on the tour.Arrive Early: Aim to arrive for your scheduled tour to allow time for check-in procedures and any required paperwork.Bring a Notebook: Remember to bring a notebook and pen with you on the tour so you can jot down any details for later.Take Photos: If you have permission, take some photos of the community's amenities, living spaces, and outdoor areas to help remember what each community offers when you're deciding.Ask About Safety and Security: Make sure to ask about safety and security measures in place at the community, including emergency response systems and staff training.Talk to Residents: Try to have conversations with residents if possible to hear about their experiences living in the community.Observe Staff Interactions: Pay attention to how staff interact with residents. Are they friendly and respectful? Do they show care for residents' well-being?Sample the Food: If it's available, consider trying a meal or snack during your tour to get a taste of the food quality and variety offered.Inquire About Activities: Inquire about the range of activities and programs for residents. Look for a mix that caters to interests and abilities.Ask About Costs and Fees: Don't forget to ask about the costs and fees associated with living in the community. This could involve the rent, extra services, and possible fee adjustments.Ask for a Copy of the Agreement: If you have a community in mind, ask for a copy of the agreement to go over at home.Don't Rush: Don't rush during the tour. Take your time to explore each community and ask any questions you have.By following these suggestions, you can maximize your living community visits and discover the perfect place for yourself or your loved one.

Local Services By This Author

Edward Jones - Chad Choate, AAMS

Financial Advisor 828 3rd Ave. W., Bradenton, Florida, 34205

Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.