October 21, 2020

Do you have these key documents in place?

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This week is National Estate Planning Awareness Week! Did you know estate planning tends to be the most neglected part of a financial plan?

Estate Planning, aside from the disposition of assets, encompasses a wide range of issues: tax reduction or elimination, charitable inclinations, establishment of your legacy, maintaining family harmony, supporting future generations, protection from creditors, instructions for your own care in sickness, family business continuation and guardianship for minor children.

Some people are affected by all of these issues, and all people are affected by some. It’s important to remember that estate planning is not just for “retired” people or the “wealthy”.

Do you have the following important documents in place?

Durable Power of Attorney and Health Care Proxy
What Is It?
Arrangements for someone to make financial (DPA) and medical (HCP) decisions for you, if you become incapacitated.

Why It’s Important.
Estranged family members, doctors or judges may make important, personal decisions for you, in absence of these documents.

What Is It?
It is a statement of your final wishes.

Why It’s Important.
Without one, the government will determine what happens to your assets, and who raises your children.

Living Will
What Is It?
A description of the medical care you want if you cannot speak for yourself.

Why It’s Important.
It assures your wishes are heard and protects your family from having to make such difficult choices.

Irrevocable Trust
What Is It?
Although primarily a method for reducing taxes and protecting property, dozens of types of irrevocable trusts exist for different purposes.

Why It’s Important.
Estate taxes, left unchecked, can cost a family millions of dollars, as can spendthrifts and creditors.

Revocable Trust
What Is It?
A method for distributing property to your heirs, similar to a will.

Why It’s Important.
Unlike a will, a revocable trust provides privacy, and assets within the trust avoid probate. Typically, transferring assets by trust is less contestable in court than transferring by will.




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Thomas G. Duffy, CPA/PFS
Partner/ Woodland Hills
DK Wealth Management LLC
21600 Oxnard Street, Suite 2000 Woodland Hills, CA 91367

Tel 818-385-0585

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Daisy Hom, CPA
Partner/San Diego
DK Wealth Management LLC
4225 Executive Square, Suite 900
La Jolla, CA 92037-1485

Tel 858-642-5050

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Kristopher Lindley, CFP®
Financial Consultant
DK Wealth Management LLC
12555 High Bluff Drive, Suite 210
San Diego, CA 92130

Tel 619-550-4619

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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.DK Wealth Management, LLC and Integrated Financial Partners do not provide legal/tax advice or services.