11075 South State Street
Heritage Solutions GroupAt Heritage Solutions Group, caring for our clients is a family affair. We pride ourselves on being a multi-generational family of professionals. Our team includes financial professionals, each with 18 years or more in the financial services industry. We specialize in retirement planning, estate planning, and 401(k) planning in and around Sandy, Utah. The client-centered process we use ensures our clients are served in a manner that suits their individual financial needs. We advocate for your unique values. Let us help you take your estate planning goals to the next level and beyond.
What is Estate Planning?Let’s talk about your estate. Everyone has one. Your estate consists of everything that you own. Your car, bank accounts, home, other real estate, investments, life insurance policies, personal possessions, and everything else. Regardless of your estate’s size or perceived value, estate planning is a necessary commodity that will ensure your wishes are honored after your passing. When you pass away or become incapacitated, if you do not have an estate plan, your heirs will usually end up at the mercy of the courts and each other trying to figure out how to divide up your estate. Estate planning is (at a basic level) the process of making a plan in advance, naming people or organizations as beneficiaries, and deciding how to divide up everything in your estate. Quality estate planning is so much more, though. Below, you’ll find some basic information about financial estate planning and how it will benefit you.
Basics of Estate PlanningProtect Beneficiaries – If you do not choose who will receive items in your estate ahead of time, then your beneficiaries will be at the mercy of the courts, which takes up time and eats up assets in your estate with hefty fees. Protect your heirs from this nightmare through estate planning.Protect Young Children – Unfortunately, we may never know when it will be our time to go. Create a plan ahead of time to decide who will take care of your young children should something happen to you unexpectedly. Protect young children from the foster system by designating in your estate plan who will care for them should you pass away while they are young.Save on Taxation – Quality estate planning includes reducing taxes. Planning with taxation in mind will keep your heirs protected from the Internal Revenue Service.Eliminate Mess – Unfortunately, grief can cause many people to do and say things that they do not mean. Not having an estate plan causes the people you care about unneeded stress during a time when they simply need space to grieve. Estate planning eliminates the mess of family feuds during what is already a difficult time.
Estate Planning Financial AdvisorIn the estate planning process, an estate planning financial advisor plays a key role. Your estate planning financial advisor will help prevent essential procedures and information from being missed in the process. Some of the crucial roles a financial advisor plays in estate planning include retirement planning, updating beneficiary information, considering significant life changes, and planning long-term care. Your estate planning financial advisor will also have access to other key professionals who will help in estate planning. Your estate planning financial advisor coordinates and provides vital information where needed. Instead of attempting to navigate the many complexities of estate planning on your own, having a financial advisor at your side will eliminate many difficulties you may encounter.
Key TakeawaysWhether you perceive your estate to be sizeable, moderate, or otherwise, you must have an estate plan. None of us get to take anything with us when we go. Estate planning ensures that you get to decide what happens to your stuff when you pass away or even in the event you should become incapacitated. Having a plan is key. Without one, you will inevitably cause the people who you care about unneeded stress and harm. Give your family peace of mind, guidance, and direction when you choose financial estate planning. Most importantly, give your loved ones the space and time they need to grieve.