Leaving a Legacy – Planning Your Estate or Inheritance
Edward Jones - Chad Choate, AAMS
Feb 17, 2021
Florida - Sarasota, Bradenton & Charlotte Counties
The following list of questions will take you through estate-planning considerations, and it will help you prepare for a discussion with yourfinancial advisor.Note: While Edward Jones cannot provide estate-planning advice, it is helpful for us to understand how your current situation and estate goals may affect your investment strategy.
Beneficiary designations
When was the last time you reviewed your beneficiary designations?
Beneficiary designations are a critical part of a comprehensive estate plan unique to your situation. There's no "one size fits all" guideline for naming beneficiaries, and you need to take into consideration things like: estate taxes, retirement plans, insurance policies, multiple marriages, special needs children, etc.
Even if you have a will or trust, your beneficiary designations are an important part of your overall plan. Its important to review your beneficiary designations regularly, particularly when your life circumstances change, such as a marriage, a divorce, the birth of a child or the death of a spouse. If you dont update your account beneficiaries, your assets could be inherited by someone you no longer intend.
Asset transfer plan and trusts
Do you have a will or trust?
A last will and testament can help your assets pass in the manner that you would prefer them to transfer.
A trust might be right for your situation if you're concerned about: estate taxes, avoiding probate, controlling the transfer of assets to heirs, leaving assets to spendthrift children, protecting assets during incapacitation or eventually needing assistance with money management and paying bills.
Have you shared your current transfer plan with your beneficiaries?
If you haven't already had conversations with your beneficiaries, there's no better time than the present. The discussion will help inform your beneficiaries when it comes to matters related to your finances and health and how you want things handled upon your death or if you are unable to make decisions for yourself. The more family members know about your preferences, generally the more comfortable they'll feel that they're making the right decisions for you down the road, if necessary.
Would you like to control how your beneficiaries access their inheritance (via a trust, for example)
Determining who will handle your financial affairs when you are no longer able to do so can be an important decision. You might not know that some clients use trust services not only to manage the family legacy, but also to help handle everyday financial needs.
If you are looking for a responsible, experienced and unbiased trustee to step in and handle your affairs, you can name Edward Jones Trust Company* as trustee of your trust. There are three types of services we provide:
Managing Agent We can simply provide you investment and administrative services for a trust, a personal account or an Individual Retirement Account.
Trustee or Co-trustee We can act as trustee or work alongside an individual you designate to execute the terms of a trust.
Successor Trustee We can serve as trustee should a trustee resign or become unable to make decisions regarding a trust.
Guardianship considerations
Do you have minor dependents?
Have you assigned a guardian in your will for your dependents?
It can be important to name guardians for minor children or dependents. This information can be contained in a will so the court and your family members know who is responsible for your dependents, should you pass away.
Have you provided for minor dependents in your asset transfer plan?
Incapacity protection (financial and health care)
Do you have a Durable Power of Attorney?
A Durable Power of Attorney can be an important document that generally allows you to name someone to make financial and health care decisions on your behalf, should you become incapacitated.
Do you have a living will or advanced medical directive?
A living will is generally a statement or declaration that a person may make indicating their wishes for specific medical treatment to be either provided or withdrawn under specific circumstances. It is often recommended that this document be well thought out and drafted prior to an illness or imminent death. Note: There can be limitations to living wills.
Charitable intent
Do you intend to leave assets to charity?
Do you have a plan outlining your contribution strategy?
Would you like to have control over how assets are used by the charity?
How we can help
Sometimes it takes going through a difficult situation to realize the importance of being prepared. If you don't already have an estate strategy in place, your financial advisor can help walk you through the process of prioritizing your goals and work to coordinate your team of tax and legal professionals to help ensure your goals are met.
Submitted & Written By: Edward Jones- click here to learn more.
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Financial Services 828 3rd Ave. W., Bradenton, Florida, 34205Hello, 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.
Edward Jones - Chad Choate, AAMS
Retirement Planning 828 3rd Ave. W., Bradenton, Florida, 34205Experience and BackgroundI am a financial advisor in Bradenton, FL, and 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 our office so that we 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.
Edward Jones - Chad Choate, AAMS
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