Preparing to Meet with Ball & Stuart

     Estate planning, wealth management, entity formation. At first, planning for the future can seem to be a daunting task, but Ball & Stuart, PLLC will assist you and your business in each step of the process. To help you determine what your needs are and how you would like to plan your legacy, here are a few things to consider about before our first consultation.

Three Steps to Wealth Management

Step One: People - Who are the Important People in Your Life?

     Beginning with yourself, they also likely include your loved ones such as your spouse, children and grandchildren, perhaps your parents, siblings or other relatives. Beyond these, however, important people also could include charities, special causes, colleges or universities, or churches to which you are committed. For some, important people could even include pets. Spend some time thinking about the impact others have had on your life. Make a list and jot notes if you like. This is where the planning process begins.

Step Two: Property - Your Assets in General

     Make a list of the assets you own or control. At this point, you do not need to identify insurance policy numbers and exact dollar value. Rather, think through your assets in terms of their nature (cash, stocks, bonds, real estate, etc.); their value in thousands of dollars; and your ownership interest. Do you own assets in your name only, in joint tenancy with someone else, or through a trust agreement or some other arrangement? Be sure to include often overlooked assets like life insurance (the death benefit, not the cash value), business interests and any inheritance you may expect to receive.

Step Three: Plans

     After identifying the important people in your life and your property, the next step is to consider the plans you would make for those people (including yourself) and property in the event of your own incapacity or death.

• Who would you name to make decisions for you if you could no longer do so yourself?
• Would the same person handle your finances and your personal and health care decisions?
• Who would care for your minor children?
• How would you distribute your assets to your heirs?
• Would you prefer to spare your heirs the cost and hassles of the probate process?
• Would you like to minimize the impact of estate taxes or maximize the impact of a charitable bequest?
• Is there someone in your family with special needs for whom you would like to provide?
• Is there someone who perhaps should not receive a great deal of money without some outside oversight?