Asset Preservation & Legacy Planning

Estate Planning

It never ceases to amaze us when we meet someone who thinks they have the “Perfect Estate Plan” when in fact, the only thing they have accomplished was purchasing product(s) they were told were so good that they never had to worry about the future. Really? When in reality all they did was buy a “Band-Aid” for the moment.

One cannot come close to having a “Perfect Estate Plan” unless they consider life as a puzzle and never try to put a square peg in a round hole. Your plan must encumber Legal, Financial, Social and Long Term Health protective measures so that you are protected from 360 degrees of life’s contingencies hoping you only need 45-90 degrees. This is called Peace of Mind and we strive to provide this on every client, no matter what their particular situation may be. Allow us to design your plan so when the winds of change blow your way … you will have the Peace of Mind you richly deserve.


Proper legacy planning and preservation is a cornerstone of any successful retirement plan and helps ensure that your wishes will be respected and your loved ones taken care of. Legacy Planning is a multifaceted process that can be used for a variety of purposes: from helping to preserve your assets for future use to transferring your wealth.

From the conservation of your assets to the transfer of them, comprehensive legacy planning helps ensure that the management of your assets will be dictated by your wishes throughout your life and may provide a variety of benefits to you and your family. When they are executed and implemented properly, legacy plans may help reduce family disputes and court bureaucracy, provide effective disability planning, appropriately utilize exemptions to minimize estate taxes, and provide certain asset protection benefits to beneficiaries.

There are many strategies and tools that can be utilized to help safeguard your wealth and make sure it is effectively transferred. A variety of legal documents, such as wills, revocable living trusts, Powers of Attorney, and advanced medical documents are beneficial to the legacy planning process. Life insurance, both term and cash value, is another valuable tool to consider because it can be designed to serve several different functions. Life insurance policies can help address the financial harm caused by unexpected sudden deaths of parents of minor children, minimize the wealth destruction of families who may need advanced estate taxation avoidance or possibly even work as alternative savings or wealth generation tools.

Additionally, long-term care insurance helps protect your assets from the devastating costs of long- term care expenses and ensures that you live in reasonable housing during the last stages of your life. These policies provide a diverse range of coverage depending on the style you choose: from more traditional policies to unique hybrid approaches that can generate enhanced long-term care benefits within certain types of life insurance or annuity contracts.

Legacy organization requires a coordinated and comprehensive approach that our firm is uniquely positioned to provide.

 

This material is not intended to replace the advice of a qualified attorney, tax advisor, financial advisor or insurance agent. Before making any financial commitment regarding the issues discussed here, consult with the appropriate professional advisor.

Our Firm takes pride in providing comprehensive retirement planning services to our clients. We review our clients’ wills, estate plans/trusts, taxes and insurance. Our comprehensive services integrate all aspects of our client’s financial picture in a coordinated effort to provide for financial clarity and multi-generational wealth.

We offer:

  • Insurance Planning
  • Beneficiary Review
  • Retirement Planning
  • Financial Needs Analysis
  • Analysis of Present and Future Expenses
  • Estate Preservation
  • Income Planning

 

Just imagine a complete portfolio, where all your financial, estate, and tax preparation needs are addressed in a customized binder. This is your comprehensive retirement plan. Our coordinated approach ensures that your plan is developed using an all-inclusive view. We have found that many financial services professionals focus on products; our experience shows that our clients’ needs are best met by focusing on processes and most importantly, people.

Michael Verble does not provide tax and/or legal advice. If you do not have your own attorney or tax professional, our staff attorney and tax professional will gladly work with you.

Perhaps the most impactful piece of retirement planning is determining your current and future tax liability and developing strategies to minimize the amount of taxes you pay in retirement. Tax planning can have a large impact on the amount of wealth you will be able to transfer to your heirs. We will help ensure that your retirement plan takes full advantage of available tax credits and deductions to help certify you and your heirs are maximizing wealth for generations to come.

Verble Estate Preservation & Advisors, LLC has a strategic alliance with Stovall & Associates, Ltd.; utilizing their team of CPA’s to provide tax planning, preparation and filing services for our clients. Our clients receive proactive advice on tax reduction strategies based on income, expenses, individual needs, and goals. Proactive tax planning allows our clients the opportunity to minimize tax burdens and build a solid foundation of tax reduction strategies that can result in years of tax savings.

Throughout the year, Stovall & Associates, Ltd., will monitor tax law changes that could affect our clients, recommending tax savings strategies as well as serving as your advocate in tax matters. Our client’s tax returns are prepared to take advantage of all the deductions, credits, and exclusions allowed to minimize your tax burden.

Based on this strategic alliance, we will implement a sound, well-thought-out financial strategy to minimize year-to-year tax liabilities and provide the opportunity to maintain your current standard of living throughout retirement.

Tax Planning services

  • CPA prepared Roth conversion analysis
  • CPA prepared 2nd opinion prior year individual and business tax return reviews
  • CPA prepared year-end tax filing services
  • 1040 tax optimization reports
  • Personalized tax reduction reports

Strategic Alliances

nickNick Stovall, CPA/PFS, Stovall & Associates, Ltd.

Founder and President for Stovall & Associates, Ltd., Certified Public Accountants

Nick Stovall is at the forefront in accounting; strategic retirement planning; business, IRA and technical taxation; tax law and policy; and investing. With his extensive knowledge and background, Stovall also wrote “The Future of Taxation: And How to Prepare.” Stovall has been featured on national media outlets including The Wall Street Journal’s MarketWatch, Investment News, Financial Planning Magazine, Bloomberg and numerous radio broadcasts. In January 2010, after two decades of public accounting and C-level private industry experience, he founded what is now Stovall and Associates, Ltd., an independent certified public accounting firm located in Minnesota. As owner, president, and chief tax strategist for the company, Stovall provides an invaluable perspective on the intricate relationships between tax and business issues to clients across the United States and Europe.

Michael Verble does not offer tax planning services, but has a strategic alliance with Stovall & Associates, Ltd., to provide account and tax services.

Although some people view life insurance as a way to replace lost income or pay off debt after the passing of a loved one, it can offer a number of potential tax-related benefits that may make it a valuable tool to accomplish a number of different financial goals in retirement.

First and foremost, life insurance may provide peace of mind and a degree of comfort for the policyholder (the insured) that their loved ones (the beneficiaries) are taken care of financially in the event that they pass away. In addition, life insurance can be a sensible solution for many small business owners to help protect the financial future of their business in the event of their death. Furthermore, life insurance is one of a few types of products that may offer helpful ways to reduce or avoid certain taxes.

As mentioned, life insurance may provide a useful arrangement of benefits, depending on how the policy is positioned and the purpose it is meant to serve. Where life insurance truly sets itself apart from many other financial products is the favorable tax treatment it can offer. Some of these benefits may include:

Death benefits

  • Policy death benefits paid to beneficiaries may be income tax-free.
  • Some life insurance policies may allow the death benefit to be accelerated out before the insured’s death due to terminal or chronic illness, and that benefit may be income tax free.

Tax-free exchanges

  • The insured may exchange their existing life insurance policy for a new life insurance policy and the investment gains on the original contract may be tax free.
  • The insured may exchange their existing life insurance policy for an annuity and the investment gains on the original contract may be tax free.

Policy cash values

  • Cash values may grow tax-deferred during the insured’s lifetime.
  • Income from cash value, when properly structured, may not be subject to income taxes.

As an independent insurance firm, we are able to shop dozens of insurance carriers to find rates and product solutions to fit your specific needs and goals, meaning we are not relegated to simply one line of products or one brand name like a captive agent. In addition, we offer complimentary reviews on your existing life insurance contracts.

Disclaimer: Life insurance and annuities are insurance products and are subject to state insurance laws and regulations. The above is for informational purposes only and is not, and should not be construed as, advice or a recommendation. The above information is not legal, tax, or accounting advice and you should consult an appropriate professional regarding tax, legal, or accounting advice.

It can be a common misconception that legacy planning is only necessary for the wealthy, but this simply isn’t true. There are plenty of reasons why you should do legacy planning, regardless of your net worth. For one thing, this can help define who inherits your assets. It also determines who will be the guardian of your minor children or any dependents with special needs. The components of legacy planning usually include a will, a durable power of attorney and a medical power of attorney.

Essentially, creating an optimal strategy for your legacy is more than just managing estate taxes … it’s about organizing your assets so they pass to your family, loved ones or a charity in the manner you wish. It’s about maximizing how much you leave behind, while still ensuring that your financial needs are taken care of for the rest of your life.

Establishing a Trust

In order to ensure your family receives the assets you have accumulated during your life, it’s critical to develop a legacy plan.

Regardless of how much money you have, we feel legacy planning is the best way to protect the financial interests of your family when you are no longer there to do so.

A trust is a key instrument to use during the legacy planning process because it can help you minimize your estate taxes and avoid probate. It could be worth a lot to you and your heirs to do a little planning ahead.

Keep Good Records

Another key facet of legacy planning is keeping good records, not just of your assets, but also of documents that describe your wishes. For example, not only should your will outline who you want to inherit your assets after you die, but also who you’d like to manage your finances or make medical decisions for you in the event that you are incapacitated. These documents are helpful because they reduce the time and expense of estate settlement, which makes it easier on your heirs.

If you have worked with someone in the past, and you THINK your legacy is properly structured, it may not be. It’s likely that your situation has changed dramatically since you last examined this part of your financial picture, and it’s important to make sure your plan still reflects the legacy you want to leave behind.