Estate Planning

Many people feel that “estate planning” is something only “wealthy” people need to worry about.  Contrary to popular belief everyone should have an estate plan in place.  So what is Estate planning exactly?  Here are few things that an estate plan should consider:

  • Creating a will
  • Establishing a guardian for living dependents
  • Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
  • Limiting potential estate taxes by setting up trust accounts in the name of beneficiaries
  • Naming an executor of the estate to oversee the terms of the will
  • Setting up funeral arrangements
  • Evaluating establishing annual gifting to reduce the taxable estate
  • Setting up durable power of attorney (POA) to direct assets and investments in the event of  incapacitation

Putting in place a Health Care (POA) document to give direction in the event of life threatening injury/illness

Many of the points above are items everyone will need to decide at some point.  Arizona National Insurance we have partnered with several estate planning attorneys to coordinate and implement your estate plan.  This we do in synchronization with your complete financial plan.

Talk to an agent today to schedule your review of your current estate plan to see if everything is in place.