Godsey & Gibb Wealth Management

Is a will enough? While having a comprehensive will with the proper beneficiary and transfer-on-death (TOD) designations may be enough in certain situations, a trust may be more effective in others. In general, trusts are more effective at avoiding probate and for complex situations where you may desire greater control over how your funds are distributed. Do you know the differences between revocable and irrevocable trust?

What is the difference between revocable and irrevocable trusts? Revocable trusts and irrevocable trusts are effective at protecting your assets from probate and public record. What makes them different?

While estate planning is important to protect your family from the probate process, communicating your plan with your family in advance can allow for a more efficient transition. Considering what legacy you want to leave behind, how family dynamics may come into play, and any opportunities to help your assets transition as efficiently as possible can be difficult - but, evaluating these topics and having conversations with your loved ones is critical to helping your wealth transfer privately and in the manner you intended.

Read more here: https://www.godseyandgibb.com/qa-how-can-i-ensure-my-assets-pass-efficiently-to-my-heirs-part-2/

How can I ensure my assets pass efficiently to my heirs? (Part 2) Questions to ask and discussions to have with your family that can help your assets transition efficiently to your heirs. Learn more.

American retirees expect to transfer more than $36 Trillion to their families, friends, charitable organizations, and other beneficiaries over the next 30 years (Estate Planning Report | SeniorLiving.Org), yet only 32% of Americans have an estate plan (2024 Wills Survey | Caring.com). Do you? Follow along over the next few weeks as we share valuable insight into various topics related to estate planning and how to protect your family from the dreaded probate process.

https://www.godseyandgibb.com/qa-how-can-i-ensure-my-assets-pass-efficiently-to-my-heirs-part-1/

How can I ensure my assets pass efficiently to my heirs? (Part 1) Protecting your assets and taking the necessary steps to provide a smooth transfer to your heirs is important. Learn more.

Remember to file your federal income tax return (or file for an extension) no later than 11:59pm to avoid a late filing penalty. As a reminder, for those that have filed an extension, be sure to pay your 2023 estimated balance due today to try to avoid an underpayment penalty. While tax filing extensions offer additional time to file your taxes, they do not offer additional time to pay.