Gift Plan

Estate Planning, Coordination & Implementation

You've gathered information as part of the financial planning process. And we've organized it for you. We can streamline the estate-planning process by sharing information with your estate planning attorney. We also can fine-tune your plan based on our understanding of your overall financial situation.

Do you understand what's in your estate documents? We do. It's not every day that you sit down to read estate plan documents. But we read them all the time. We can help you understand and review the documents quickly.

We can handle implementation, too. Your estate plan likely will include various implementation steps. From changing beneficiaries and owners to policy registrations, we can help.

Common estate planning questions we hear from clients include:

  •   What’s the impact of giving today vs. leaving a legacy?
  •   Will I “ruin” my child by giving too much money now or passing on too much money in my will?
  •   What are the tax pros and cons to gifting?
  •   What’s the difference between a revocable trust and an irrevocable trust?
  •   How often should I update my estate plan?
  •   If I move, do I need to update my estate planning documents?
  •   How do I determine who should serve as a trustee for my children?


A Gifting Plan Is Crucial

If you want to leave a legacy for your loved ones, there are several important things to consider first as part of an overall gifting plan.

You may want to provide for your children in your will as part of estate planning, which involves much more than a will. Or maybe you would like to help your children now and enjoy watching how they benefit from your generosity. If so, you’ll need comprehensive financial planning to ensure that your gifts don’t restrict your cash flow, create tax consequences or have an unintended negative effect on your children or grandchildren.

We’ve found that it can be helpful to involve your children in certain aspects of this planning. Giving should be done in a planned and coordinated way so that recipients know what to expect – and what you expect.

It’s also important to realize that regular giving can have a negative impact on the younger generation if they are prone to spending on the wrong things. On the flip side, a good intergenerational plan give the younger generation a financial boost. If you give regularly, then your children may not have to put as much into your grandchildren's college funds, for example.

We’re happy to facilitate these family discussions and be involved in intergenerational planning that may involve other advisors, your tax professional and estate attorney.