In our firm, we share with clients that there are four things that they can do with their wealth:
- Consume: you can spend your money.
- Distribute: you can pass your wealth onto heirs in form of an inheritance.
- Gift: you can gift your wealth to charities and causes in which you have an interest or passion.
- Taxes: you can pay taxes (federal, state, excise, gift tax etc).
Determining how a client desires their wealth to be distributed within these four categories provides the foundation of a well-designed estate plan. Once a client articulates their desires, our firm develops a custom plan and utilizes the tools and techniques to make it happen in the most effective and efficient manner.
Estate planning is the process of providing for the efficient transfer of property at death in a manner consistent with one’s wishes. The planning process focuses on accomplishing family and/or charitable objectives, minimizing income and estate taxes, avoiding unnecessary property transfer costs and delays, and preserving wealth for a client and their beneficiaries. Estate planning requires clients to consider their own mortality – a topic many of us are reluctant to think about. We appreciate this, and strive to make the process a positive and educational experience. Planning your affairs now gives you the peace of mind that your wealth will pass to your intended beneficiaries without unnecessary delay – and in a tax efficient manner. Having your affairs in order will also benefit your family/heirs by relieving them of burdensome decisions and administrative tasks during a time that is likely to be a difficult one for them.
At Carlson Capital Management, each aspect of the estate is reviewed and examined in light of the conclusions we have drawn in the investment, tax and philanthropic components of the financial plan. At CCM, estate planning is not an isolated event that occurs because someone told you that you need a will. Estate planning is the culmination of how you intend to pass along your wealth. If it is not a well documented and well executed plan, your desires will not be carried out.