In its simplest definition, estate planning is making a plan in advance and naming whom you want to receive the things you own (your car, home, real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions etc...) after you die. Of course life is not that simple and neither is estate planning. We at MJF Financial believe that having more than just a simple plan in place can save your heirs time, grief and a lot of money. Some of things we review with you when putting together your plan:
Above all else, and what we believe truly makes us different is our belief that estate planning is an ongoing process, not just a one-time event. We maintain a strong conviction that your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime. At a minimum it's a factor we discuss with you during our year-end review. We believe it's one of the most effective principles of our approach and in turn one of the most thoughtful and considerate things you can do for yourself and for those you love.
*This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.