Isn't estate planning only for the rich?
In a word, no. Estate planning allows you or anyone to implement certain tools now to ensure that your concerns and goals are
fulfilled after you die. Your objective may be to simply make sure that your loved ones are provided for. Or you may have more
complex goals, such as avoiding probate or reducing estate taxes.
Estate planning can be as simple as implementing a will (the cornerstone of any estate plan) and purchasing life insurance, or as
complicated as executing trusts and exploring other sophisticated tax and estate planning techniques. Therefore, estate planning
is important whether you are wealthy or whether you have only a small estate. In fact, estate planning may be more important if
you have a smaller estate because final expenses will have a greater impact on your estate. Wasting even a single asset may
cause your loved ones to suffer from lack of financial resources.
You may also want to plan your estate if you have special circumstances such as any of the following:
- You have minor children or children with special needs
- Your spouse is uncomfortable with or incapable of handling financial matters
- You have property in more than one state
- You have special property, such as artwork or collectibles
While trusts offer numerous advantages, they incur up-front costs and often have ongoing administrative fees. The use of trusts
involves a complex web of tax rules and regulations. You should consider the counsel of an experienced estate planning
professional and your legal and tax advisers before implementing such strategies.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance
purchased.
Huntington Financial Advisors and its representatives do not provide tax, accounting, or legal advice. Before making decisions with tax, accounting, or legal ramifications, you should consult with appropriate independent professionals for advice that is specific to your situation.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2020.
The information provided is intended solely for general informational purposes and is provided with the understanding that neither Huntington, its affiliates nor any other party is engaging in rendering tax, financial, legal, technical or other professional advice or services, or endorsing any third-party product or service. Any use of this information should be done only in consultation with a qualified and licensed professional who can take into account all relevant factors and desired outcomes in the context of the facts surrounding your particular circumstances. The information in this document was developed with reasonable care and attention. However, it is possible that some of the information is incomplete, incorrect, or inapplicable to particular circumstances or conditions. NEITHER HUNTINGTON NOR ITS AFFILIATES SHALL HAVE LIABILITY FOR ANY DAMAGES, LOSSES, COSTS OR EXPENSES (DIRECT, CONSEQUENTIAL, SPECIAL, INDIRECT OR OTHERWISE) RESULTING FROM USING, RELYING ON OR ACTING UPON INFORMATION IN THIS DOCUMENT EVEN IF HUNTINGTON AND/OR ITS AFFILIATES HAVE BEEN ADVISED OF OR FORESEEN THE POSSIBILITY OF SUCH DAMAGES, LOSSES, COSTS OR EXPENSES.
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