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How to ensure asset longevity through your estate plan

On Behalf of | Jul 12, 2024 | Estate Planning

It’s taken years, maybe even decades, to build your wealth. You don’t want to see it all squandered away shortly after your passing.

Yet, that might be a real possibility under the circumstances and given your family’s dynamics. If that leaves you worried, then it’s time to think through how the estate planning process could help you preserve the longevity of your estate’s wealth. After all, that’s the best way to protect your vision of the future and provide the support that you want for your loved ones.

Estate planning tools that provide asset longevity

You have a lot of estate planning tools at your disposal, which is one of the great things about the estate planning process. Here are some that might allow you to preserve your estate’s assets for a longer period of time, thereby giving you a better chance of achieving your estate planning goals:

  • An incentive trust that motivates loved ones to achieve pre-identified goals before large asset payouts occur.
  • A spendthrift trust that only allows for incremental release of trust assets so that the beneficiary can’t quickly spend them away.
  • A discretionary trust that allows the trustee to determine when trust assets should be released to the beneficiary.
  • A generation-skipping trust that leaves assets directly to your grandchildren.
  • Careful beneficiary designation that ensures that your assets are left to those individuals who can actually take care of them and use them wisely.

Create an estate plan that brings your vision of the future into reality

If you’re thinking about estate planning, then you have an idea of what you want for the future of your loved ones and your estate. To bring that vision into reality, you need to engage in thoughtful and thorough estate planning. Improvisation is your enemy here. So, when you’re ready, take the time needed to learn more about your estate planning options and to decide which ones are best suited to support your estate planning goals.

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