By Steve Crifasi, CTFA, CFP®
Your life means more than a list of achievements and accolades. The wealth you’ve built isn’t just money you plan to pass on through an inheritance. It is the sum of the values, morals, principles, and beliefs you hold dear.
Your children’s inheritance is your legacy, everything you put into creating your wealth, including what motivated you, the mark you want to leave on your community, and the expectations you have for your heirs.
Estate planning can be key to passing on your inheritance and having comfort in knowing your wishes will be carried out and your assets distributed in a way that preserves your legacy. At Westover Capital Advisors, we gain satisfaction from helping you build a legacy that lasts.
What Is Estate Planning?
Your estate includes everything you own: houses, cars, savings and checking accounts, retirement accounts, investments, life insurance, businesses, personal possessions, furniture, and more. If you become incapacitated or pass away, you want to be able to control how and when your property is given to the people and organizations you love and how you’re remembered.
Estate planning allows you to pass an inheritance to your children and others the way you want while minimizing any estate or inheritance taxes.
Here are several steps we recommend you complete in the process:
- Take inventory of your assets.
- Determine your loved ones’ needs.
- Give directives on medical care and financial affairs.
- Appoint decision-makers.
- Write a will.
Once you have your estate plan, revisit it regularly to update it as your life changes, such as when you marry or divorce, you have a child, you get promoted or lose a job, or you gain or lose assets.
Key Areas of Estate Planning for Your Inheritance Goals
To deliver the inheritance you want for your children, consider taking time to understand five key areas of estate planning:
Taxes
A federal estate tax applies to assets above $13.61 million. You can reduce your taxable assets by gifting within federal guidelines to heirs or charities if you may be impacted. Also, be aware some states have estate or inheritance taxes.
Wills
You can name who you want to receive your assets and how much. You also can name an executor, list your assets and debts, and name guardians for minor children.
Trusts
Consider creating trusts for how you want your assets dealt with. You can create a revocable trust (which you can change before your death) or an irrevocable trust (which cannot be altered once in place). A trust can help your estate avoid probate.
Beneficiaries
Beyond beneficiaries in your will, remember to review and update beneficiaries for your investment, life insurance, and retirement accounts.
Charitable Giving
Giving to causes you support can reduce your tax liability and encourage a tradition of giving from your children.
Financial advisors from Westover Capital Advisors can guide you through each aspect of the estate planning process so you can have confidence and clarity in your future.
Passing Your Legacy Through Inheritance
The legacy you pass to others through inheritance is created through how you relate your values, beliefs, and principles to your money. To shape and envision your legacy, consider who is important to you, how you want your money used, and where it can have an impact. It’s about determining how you want your life’s work remembered.
Estate planning can help you set up wills and trusts and get other legal documents in order. But it also involves legacy planning to:
- Pass on stories about who you are and why you matter.
- Consider charitable giving or impact investing.
- Preserve your financial assets as they pass through generations.
Part of your children’s inheritance can be arrangements to fund child care or education for children and grandchildren. Your family’s inheritance is your tangible and intangible wealth.
Talk to a Financial Advisor About Estate Planning
If you have goals to leave an inheritance for your children, you might consider speaking with a financial advisor to help preserve your legacy. At Westover Capital Advisors, we have an experienced team to guide you toward realizing your financial dreams.
To get in touch, call (302) 427-9600 or email steve@westovercapital.com. We look forward to hearing from you.
About Steve
Steve Crifasi serves as Associate Director of Wealth Management and Business Development at Westover Capital Advisors, an independent, fee-only, and privately owned investment and wealth management firm founded in 1999 and based in Wilmington, Delaware. Steve provides tailored guidance and works in partnership with his investment, tax, and planning colleagues to understand clients’ wealth management goals and objectives and help fulfill them. Steve thrives off developing personal relationships with clients, serving as their reliable and trusted financial partner; and as a fiduciary, he provides advice that is always in their best interests.
An advisor since 2008, Steve has over 15 years of experience in the financial services industry. He began his career as a research analyst at Penn Square Capital focusing on the equity and private real estate markets and spent over 13 years at Glenmede and Wilmington Trust as a relationship manager for high-net-worth clients. Steve received a BBA in Finance from Villanova University and also holds the CERTIFIED FINANCIAL PLANNER® certification and Certified Trust and Financial Advisor (CTFA) designation from the American Bankers Association. In addition to his role at Westover, Steve is a member of the Delaware Estate Planning Council and Wilmington Tax Group. He has also served on committees for several local charitable and nonprofit organizations in and around Wilmington. To learn more about Steve, connect with him on LinkedIn.
