Many individuals believe that estate planning is only for the very wealthy and required to save on estate taxes. However, an estate plan can be so much more.
By Andrea McKinney, MBA, CFP®
Vice President & Wealth Management Advisor
It’s an honor to be our clients’ trusted advisors and we are here to serve you through our team approach. What’s unique about working with Central Trust Company is that we can advise you about our many service offerings outside of just the investment realm. Our professional staff is highly experienced and has specific relevant credentials including attorneys, accountants, Certified Financial Planner practitioners™, and Certified Trust and Financial Advisors.
Did you know there are many services that Central Trust Company provides as a “value add” and at no additional cost to our clients? One popular service is bill-pay. At any time, Central Trust can pay some or all of your bills, including your quarterly tax estimates. Many of our clients appreciate the convenience of this service as everything financially relevant is consolidated with one wealth management provider overseeing one comprehensive strategy. Of course, you can regularly review this information online by computer or mobile device or by physical statement. The convenience and peace of mind is invaluable.
We can also pay bills associated with real estate, such as vacation homes. Central Trust will pay and oversee property expenses such as taxes, lawn care, housecleaning, and property management personnel. If you are the only person in your family managing these types of expenses, it may be the perfect time to let Central Trust handle this responsibility.
Did you know that financial planning services are available to our clients? If you have ever worried about how much money and/or assets will be transferred to the next generation or whether or not you have enough assets to last through your retirement, these are the types of questions that are addressed through our financial planning services.
For example, we can create a financial plan that is based upon your goals and incorporates Social Security payments, IRA required minimum distributions, and the projected impact of forecasted inflation rates. Once this plan is completely customized with your specific asset allocation and investments, you will have a comprehensive view of how your portfolio works and the probability of living a comfortable retirement.
Many clients want to control the disposition of assets once they have passed away. This control may include how much money is distributed to each beneficiary/person or charity and the timing thereof. Financial planning can reveal multiple scenarios, including the use of a trust(s), allowing you to take the necessary steps today to ensure that your estate plan meets your unique needs and goals.
It is critical that your estate planning documents are current and representative of your intentions. Your estate plan documents are some of the most important documents for you and your family. As such, we regularly review the estate planning documents of our clients to ensure they are congruent with their goals and expectations as well as the current income tax and estate and gift tax laws. Working with you and your attorney, your Central Trust Company wealth management team will make sure there are no surprises and that your intentions are memorialized and executed upon.
Once the estate planning is finalized, some, but not all, of our clients request that we host a family meeting to share the financial and estate plans with their loved ones and other named beneficiaries. The Central wealth management team is experienced and knowledgeable about the best way to plan for and conduct a family meeting.
Finally, we offer a second opinion service to review any other assets that you have, such as, insurance policies, annuities, or other investments. Your wealth management team can review these types of products to determine your overall asset allocation, level of risk, performance and/or coverage. We offer an objective review to determine if any legacy assets you own are appropriate for your current situation.
To learn more about the many services Central Trust Company provides, please contact Andrea McKinney at Andrea.McKinney@centraltrust.net.