Asset Financial LLC

Social Security is a puzzle and a common question we receive in our office is, “When Can I Start Receiving Social Security Benefits?”

You can start receiving Social Security retirement benefits as early as age 62, but the exact age at which you can claim full retirement benefits depends on your birth year. Full retirement age (FRA) is the age at which you can receive 100% of your Social Security benefits. It used to be 65 for those born before 1938, but it has gradually increased for later birth years. As of my knowledge cutoff date in September 2021, here are the FRA ages:

• 66 for those born between 1943 and 1954.
• 67 for those born in 1960 or later.

You can choose to start receiving reduced benefits as early as age 62, but your monthly payments will be lower than if you wait until your full retirement age. Conversely, if you delay taking benefits beyond your FRA, your monthly payments will increase until you reach a maximum at age 70.

Keep in mind that Social Security rules may change over time, so it’s a good idea to check with the Social Security Administration or consult Asset Financial for the most up-to-date information based on your birth year and retirement plans.

Food for thought!

If you pass away without a will or estate plan, your assets and property will be distributed according to the laws of intestacy in your jurisdiction. Here are some common outcomes:

1. State Laws Determine Distribution: The state’s intestacy laws will dictate how your estate is divided among your heirs. This distribution typically prioritizes spouses, children, and other close relatives.
2. Court Involvement: Without a will, the court will appoint an administrator to manage the estate, pay debts, and distribute assets. This can be time-consuming and costly.
3. Potential Family Disputes: The lack of a will can lead to disputes among family members over asset distribution, as the state’s plan may not align with your wishes.
4. Limited Control: You won’t have a say in who receives specific assets, guardianship of minor children, or any charitable donations you may have wanted to make.
5. Increased Costs and Delays: The probate process for intestate estates can be more complex and expensive than if you had a will or estate plan in place.

To avoid these issues, it’s advisable to create a comprehensive estate plan that includes a will, trusts if necessary, and clear instructions for asset distribution and guardianship arrangements.

Warriors: "For my thoughts are not your thoughts, neither are your ways my ways," declares the Lord. (Isaiah 55:8)
In a world consumed by relentless change, we are often perplexed and discouraged. But what if, amidst the chaos, we discovered that the spiritual world works in reverse to the natural realm? Imagine if our trials were the stepping stones leading to triumph, pain birthed profound healing, and darkness unveiled hidden light. Perhaps the most authentic revelations occur when we defy conventional wisdom and embrace divine perspective. For where our limited understanding sees defeat, God sees a setup for victory. Where our brokenness seems irreparable, God sees an opportunity for restoration. Let us not be disheartened by the unpredictability of life but rather seek wisdom in the unconventional. May we open our hearts to the mysterious ways and the truth that even amid the chaos, a profound order is waiting to be revealed.

The US legal system is expensive, but protecting your family shouldn't be. Many people don't have an estate plan because they can't justify many hours of attorney fees.

We believe that everyone should have access to affordable, attorney drafted solutions to protect their family and give them peace of mind. The law is complex, but Asset Financial LLC makes it easy.

Your Personalized Plan Includes:

Revocable Living Trust
- The Revocable Living Trust is the centerpiece of your Estate Planning Portfolio.
- The trust is completely under your control. As the name implies, your trust is fully revocable while you are alive. You may alter, amend (in whole or in part), or even revoke your trust at any time. - You can transfer your assets back out of your trust just as easily as you can transfer your assets into your Trust.

Last Will and Testament
- The Last Will and Testament included in your document set is better described as a "Pour-Over Will". It is used in conjunction with a Revocable Living Trust and its primary function is to convey everything you have forgotten to fund into the trust prior to your death (hence "pour-over").
- Please note that unless your remaining assets are minimal in value, all non-trust (un-funded) assets must go through probate first. So be sure to use the Comprehensive Funding Kit (below) to keep your asset funding up-to-date.
- In addition you may appoint guardians for your minor or disabled adult dependents so you can be assured who will take custody.

Durable Powers of Attorney
- "Durable" means that the appointment of the power will "endure" even after your incapacitation.
- A Power of Attorney will give your appointed agent the power to make certain decisions on your behalf when you are unable to do so.

Living Will and Advanced Medical Directives
- Living Will and Advanced Health Care Directives allow you to determine how you want medical care administered if you have a terminal illness or are in a comatose state.
- If such a condition should happen to you, these instruments will serve to give notice to medical professionals your wishes (such as if you desire whether or not to be kept alive by artificial means).
- Your Living Will agents are also considered to be the guardian of your person. In most cases, your Advanced Health Care Directive can take the place of a Living Will.

Certificate of Trust
- The Certificate of Trust is primarily for providing evidence to a transfer agent (brokers, bankers, account managers etc.) about certain facts concerning your trust.
- This document helps protect your privacy by not disclosing the full details of your trust when funding assets into your trust.

Comprehensive Asset Funding
- Your Trust is like an empty basket. You must fill this basket with your assets by transferring them into the Trust. This process is called "Funding".
- To avoid probate, its vital to fully fund your trust once completed, so we have developed our exclusive Funding Tool to help you through the process of moving your assets into the Trust, (called "Funding").

Asset Financial LLC offers the entire comprehensive estate plan package for a fraction of what you would pay should you go through an attorney. Contact us today for more details.

Probate can be a lengthy process that takes control and privacy from your loved ones. Managing the probate process can be challenging for a family, but there are several steps you can take to navigate it effectively:

1. Consult with an attorney: Hiring an experienced probate attorney can provide valuable guidance and ensure you understand the legal requirements and procedures involved.

2. Gather necessary documents: Collect important documents such as the will, death certificate, financial records, and any other relevant paperwork.

3. Notify relevant parties: Inform banks, insurance companies, government agencies, and other relevant parties about the individual's passing.

4. Inventory assets and debts: Create a comprehensive inventory of the deceased person's assets and debts. This includes bank accounts, properties, investments, and outstanding loans.

5. Pay debts and taxes: Settle outstanding debts and pay any necessary taxes using the estate's funds. Your attorney can assist with this process.

6. Distribute assets: Follow the instructions outlined in the will for distributing assets to beneficiaries. This may involve selling properties, closing accounts, and transferring ownership of assets.

7. Communicate with beneficiaries: Keep beneficiaries informed throughout the probate process, addressing any concerns or questions they may have.

8. File necessary documents: Complete and file all required legal documents accurately and within the specified deadlines.

9. Seek professional advice: Engage the services of an accountant or financial advisor to navigate complex financial matters and optimize estate planning.

Remember, each probate case is unique, and the best approach may vary depending on individual circumstances. Consulting with professionals can greatly assist you in managing the probate process smoothly.

Having a written retirement income plan is of paramount importance for securing a stable financial future. This plan serves as a roadmap that outlines the steps needed to achieve your desired lifestyle during retirement. By documenting your financial goals, anticipated expenses, and income sources, you gain clarity and control over your retirement strategy.

First and foremost, a written plan helps you assess your current financial situation and estimate the funds required to sustain your desired lifestyle. It encourages a comprehensive evaluation of your assets, savings, investments, and potential sources of retirement income, such as pensions or Social Security benefits. This assessment provides an accurate picture of where you stand and helps you identify any gaps that need to be addressed.

Furthermore, a written retirement income plan enables you to make informed decisions about your savings and investment strategies. It helps you allocate resources effectively, considering factors like risk tolerance, time horizon, and expected returns. By setting realistic savings targets and developing an investment portfolio aligned with your goals, you enhance the likelihood of achieving a comfortable retirement.

A well-structured retirement plan also allows for adjustments along the way. Life is filled with uncertainties, and circumstances can change unexpectedly. With a written plan, you can review and adapt your strategy as needed, accounting for variables such as market conditions, unexpected expenses, or alterations in personal circumstances. This flexibility ensures that your retirement income plan remains responsive and resilient over time.

Contact us for your retirement income blueprint.

I get a lot of questions surrounding the funding process of estate planning and all that’s involved.

The funding process of estate planning typically involves transferring assets into appropriate legal structures to ensure they are properly managed and distributed according to your wishes. Here are some common steps in the funding process:

1. Identifying assets: Determine which assets you want to include in your estate plan, such as real estate, bank accounts, investments, life insurance policies, and personal belongings.

2. Reviewing ownership: Assess how each asset is currently owned. Some assets may be owned individually, jointly with others, or through entities like trusts or corporations.

3. Designating beneficiaries: Specify beneficiaries for assets that allow beneficiary designations, such as life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts.

4. Establishing trusts: Create trusts, such as revocable living trusts, which can hold assets during your lifetime and provide instructions for their distribution after your passing. Assets must be retitled into the name of the trust.

5. Updating beneficiary designations: Review and update beneficiary designations for assets that do not pass through a will or trust, ensuring they align with your overall estate plan.

6. Changing ownership titles: For assets not held in trusts, consider changing ownership titles, such as joint tenancy with rights of survivorship, tenancy by the entirety, or community property, to achieve your desired distribution goals.

7. Transferring assets: Follow legal procedures to transfer ownership of assets into the appropriate entities or structures, such as retitling real estate or updating beneficiary designations on financial accounts.

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There are several reasons to consider having a living trust as part of your estate planning:

1. Probate Avoidance: One significant advantage of a living trust is that it allows your assets to pass directly to your beneficiaries without going through probate, the court-supervised process of distributing assets according to a will. Avoiding probate can save time, money, and maintain privacy for your family.

2. Privacy: Unlike a will, which becomes a matter of public record during probate, a living trust offers privacy. The details of your assets, beneficiaries, and distribution remain confidential, known only to those involved in the trust administration.

3. Incapacity Planning: A living trust provides provisions for the management of your assets if you become incapacitated and unable to handle your affairs. It allows you to designate a successor trustee who can step in and manage the trust assets on your behalf, ensuring a seamless transition and avoiding the need for a court-appointed conservatorship.

4. Flexibility and Control: With a living trust, you maintain control over your assets during your lifetime. You can specify how your assets should be managed and distributed, including any specific conditions or instructions. It allows you to tailor the trust to your unique circumstances and desired outcomes.

5. Protection for Beneficiaries: A living trust can offer protection for your beneficiaries. You can establish conditions, such as staggered distributions, to prevent beneficiaries from squandering their inheritance all at once or to protect their assets from creditors, divorce, or other potential risks.

6. Continuity of Management: In the event of your passing or incapacity, a living trust ensures that your assets are managed seamlessly without interruption. The designated successor trustee can step in immediately, avoiding potential delays and ensuring ongoing management and protection of your assets.

7. Potential Tax Benefits: While a living trust does not provide direct tax advantages, it can be used in conjunction with other estate planning strategies to minimize estate taxes. By including tax planning provisions within the trust, you can potentially reduce the tax burden on your estate and maximize the wealth transferred to your beneficiaries.

It's important to note that the benefits of a living trust may vary depending on your individual circumstances.

Having a comprehensive estate plan is essential for several important reasons:

1. Asset Distribution: Estate planning allows you to have control over how your assets, such as property, investments, and personal belongings, will be distributed after your passing. It ensures that your wishes are clearly documented and followed, minimizing the potential for disputes among family members.

2. Beneficiary Designations: With an estate plan, you can specify who will inherit your assets and in what proportions. This is particularly important if you have specific individuals or charitable organizations in mind to receive certain assets or a portion of your estate.

3. Minor Children: If you have minor children, an estate plan allows you to designate a guardian to care for them in the event of your untimely passing. This ensures that your children will be entrusted to someone you trust and who shares your values.

4. Avoiding Probate: A well-crafted estate plan can help your loved ones avoid the lengthy and costly process of probate, which is the legal validation of a will. By utilizing tools such as living trusts, you can pass on assets outside of probate, saving time, money, and maintaining privacy for your family.

5. Tax Efficiency: Estate planning can help minimize the tax burden on your estate and beneficiaries. By employing strategies such as gifting, charitable giving, or establishing trusts, you can maximize the amount of wealth transferred to your loved ones while minimizing potential tax liabilities.

6. Healthcare Decisions: Through documents like a living will or a healthcare power of attorney, an estate plan allows you to express your wishes regarding medical treatment, end-of-life care, and appoint someone to make healthcare decisions on your behalf if you become incapacitated.

7. Business Succession: If you own a business, an estate plan can provide a smooth transition of ownership and management. It enables you to designate a successor and establish guidelines for the transfer or sale of your business interests, preserving its continuity and protecting the livelihood of your employees.

Overall, a comprehensive estate plan empowers you to make important decisions about the future, protecting your loved ones, preserving your legacy, and ensuring that your wishes are respected. It brings peace of mind, knowing that you have taken the necessary steps to provide for your family and navigate any potential challenges that may arise.

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Asset Financial