Estate Planning Santa Barbara | Tremblay Financial Services

Estate Planning

Who Will Inherit the Mess?

Estate planning specifies what will happen if you pass away or become incapacitated. Creating your estate plan involves understanding your desires and utilizing tax and financial strategies that lead to a written plan and legal documents that spell everything out.

Your estate consists of everything you own or have an interest in (either now or in the future), whatever it is worth, and wherever it is located. There must be a plan in place for your assets that allow you to PRESERVE, PROTECT, and PASS on your wealth to your loved ones in the most efficient manner available under the law. In other words, the priorities of estate planning revolve around CONTROL and PROTECTION—even if you become incapacitated.

What Are The Benefits Of Estate Planning?

A comprehensive estate plan coordinates your wishes for what happens to your property, both during and after your lifetime. It allows you to appoint agents to handle financial decisions if you become incapacitated or after death. Other benefits include:

Minimizes probate costs
Eliminates delays in administering your will
Protects your privacy
Reduces transfer taxes
Protects your wealth
Minimizes family conflict
Facilitates the transfer of property at death, including charitable giving in your estate plan

Any Family Can Face Estate Struggles

Even celebrities have estate planning issues. For example, actress Anne Heche’s tragic passing in 2022 made headlines in more ways than one. The most recent news regarding the handling of her estate revealed that Heche had no will established at the time of her death. What followed was a messy court battle between her children and spouses from previous marriages. This isn’t the forum to air all the details, but suffice it to say that the family’s unfortunate struggles could have been avoided with proper estate planning.

But it’s not just celebrities who need estate planning. From this chart, you can see that a big portion of the estate struggles families face can be attributed to poor communication between children and parents. However, that’s not the only pitfall families fall into. In many cases, they try to get their estate planning affairs in order, but the so-called “professionals” they hire to get the job done simply drop the ball.

At Tremblay Financial Services, we work closely with attorneys and CPAs to develop the strategies, put the documents in place and help you keep them up to date. It makes no sense for professionals to work separately when the best results happen when there is a team working together with you on your behalf.

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Components Of Estate Planning

Will

A will is a critical part of your estate plan, including beneficiary designations for retirement accounts, life insurance policies, and other assets.
Whether you wish to leave some of your property and assets to family and friends and help support a favorite charity, or simply intend for everything you own to be distributed per the laws of intestate succession, a will ensures that your plan can be carried out.
A will is often used in combination with trusts and powers of attorney, which allow individuals to name another person to handle financial and other affairs on their behalf.

Trust

A trust is a legal arrangement in which one party, known as a trustee, holds property such as real estate or financial assets for the benefit of another party, known as a beneficiary. The trustee is given legal title to the property and can manage these assets during the time the trust is in place.
In other words, a trust can let you decide who controls your assets — and when they get that control — after you're gone. By using a trust in your estate plan, you can help protect your loved ones without interfering with their financial freedom.
Assets held in trust do not count toward your taxable estate, and, depending on the type of trust you select, certain assets may avoid taxation altogether.

Power of Attorney

A power of attorney is a legal document that names a person or business to act on your behalf in all financial matters, including authorizing transactions and managing bank accounts, investments, and real estate holdings. It can be general (can handle any business transaction) or specific (limited/specified transactions).

Health Care / Medical Directive

A health care directive (or medical directive) allows you to choose an individual you want to make decisions concerning your medical care if you are unable to make these decisions yourself.

Beneficiary Designations

A beneficiary designation is a document containing your specification on how retirement plan income and/or death benefits are distributed.

Plan Your Future With Tremblay Financial Services

The estate planning process is an essential part of financial planning as well. It can seem daunting at first, but it is simple to get started.

If you haven’t created a will or considered what happens to your assets if something happens to you, you’re behind many people who do have a plan in place. We will take you through the basics of estate planning and prepare a complete plan that fits your needs and gives you peace of mind.

At Tremblay Financial, we offer step-by-step guidance through the entire process, including determining your assets, drawing the appropriate documents, and helping you manage your financial assets as well.

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We Are Committed to You

As financial professionals, we are committed to helping people just like you create solutions for their retirement assets. Once we understand your risk tolerance, time horizon, and goals, we’ll work to develop a program that carefully balances investment strategies with preserving principal.

Today’s economic environment brings challenges. But along with challenges come opportunities and potential rewards. We work closely with our clients to evaluate those opportunities and reap those rewards.

We invite you to check out all the materials on our website. If something prompts a question, please send us an email or call the office.

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