An important part of the estate planning process is deciding who’ll help you manage your responsibilities if you are no longer able to and when you are gone. Various strategies can be used to limit taxes on an estate, from creating trusts to making charitable donations.
Many people who are new to Fiduciary services are unaware that Fiduciaries and estate planning go hand in hand. Think of a Fiduciary as a one stop shop where they offer you a variety of services all in one place, which is super handy when you’re trying to plan your estate.
As Iowans, we tend to do things that are not only convenient for us, but also for others. After all, we live in a state where “Iowa Nice” has become a staple of our community because of how we treat one another. When it comes to managing our money, do you dream of being able to easily manage your assets all in one place? If that’s the case, then an Iowa Fiduciary could be the right fit for you.
Iowa Fiduciary Services
The first thing that you should know about a Fiduciary is that all of the services they provide to their clients are also provided by non-Fiduciary advisors. So what should you look for in a financial advisor relationship?
Ultimately that choice is for the client to make, although there are many benefits to working with one. Fiduciaries typically have long-standing relationships with several trusted and vetted industry partners such as estate planning attorneys and insurance brokers, who share their approach to acting in their clients’ best interests. A full-service Fiduciary should help with:
- Retirement planning
- Tax Options
- Investment Decisions
- Estate Planning
- Insurance Options
- Money Management
- Lifestyle Balance
Clients are almost always better off using a Fiduciary. In fact, there’s rarely a reason not to use a Fiduciary when preparing for retirement. However, you may not need a Fiduciary if you don’t want an advisor to manage your account on your behalf or even make recommendations. If you want an advisor to simply execute transactions or to buy insurance, there’s no need to use a Fiduciary.
Many reasons have been offered by those preferring not to operate according to a fiduciary standard. Remember the main issue for investors, though; would you rather have an advisor guide you in a way that is solely in your best interest, or something less?
Estate Planning with your Fiduciary
Many people might feel they can wait until they become seriously ill, old or infirm to decide on how to divide their assets, set up a trust or legally decide whom to leave the house to. The other common misconception is that you have to be rich to have an estate plan, which is false. The goal of an estate plan is to help provide security for you and your family. When you think of it that way, wealth has nothing to do with it at all. It’s better to plan ahead and utilize an Iowa-based Fiduciary to help you plan for any scenario with estate planning.
There is much more that comes with building a solid estate plan besides just having a will. An estate plan that is tailored to your family’s specific needs – with clear instructions and limited uncertainty – is the best way to make sure that your assets, savings and home are distributed to the people you want to receive these items. A good plan should be designed to save on estate taxes, protect assets if you need to move into a nursing home, and appoint someone to act for you if you become disabled.
To help avoid family confusion, stress and conflict after your passing, begin by gathering the following documents for your Fiduciary:
- List of all your bank accounts, investment accounts, credit card information
- A copy of your will, living will, power of attorney and other estate planning documents
- A list of your debts (Mortgage, lines of credit, loans)
- A list of income streams (Life insurance, pensions, annuities)
- Digital Assets ( Computers/Mobile devices, passwords to bank accounts, email/social media, and any online subscriptions.
Armed with this base information, we/your chosen Fiduciary can get a better understanding of your financial picture and create a custom estate plan to help address your specific needs.
Full-Service Fiduciary Services from Johnson Wealth and Income Management
As Iowans, we long have prided ourselves in being middle Americans — working hard and enjoying a lifestyle of moderate measures. Johnson Wealth Income Management is a full-service financial firm that provides an array of services to our clients in the state of Iowa. From estate planning to investment strategies, our commitment is to help you work towards achieving all your financial goals and to help provide you with a “worry free” retirement.
A well-informed estate plan can make a big difference in what is left for your loved ones. Discuss your wishes with your family and trusted Fiduciary to help ensure all conversations are properly documented so that everyone is on the same page when the time comes when you are unable to manage your affairs on your own.
Contact us here today to start the conversation.
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