ServicesLegacy Planning
Legacy Planning in Aberdeen
A legacy plan is only as good as its last review. We look at who inherits what, how your accounts are set up and whether it all still matches your wishes. Then we keep checking it as your family and your money change.
What legacy planning means here
Most people already have some of the pieces. A will from years ago. Beneficiaries named on a 401(k) when they started the job. A life insurance policy through work. The trouble is these pieces drift apart. A beneficiary form can override what your will says, and nobody notices until it is too late to fix.
Our job is the financial side of passing on wealth. We line up your accounts, beneficiaries and insurance with the goals you set, and we work alongside your estate attorney and tax preparer instead of replacing them. We are not lawyers and we do not draft wills or trusts.
Then comes the part most plans skip: upkeep. We revisit the plan on a schedule and after big life events, so small gaps get caught while they are still small.
What the work covers
Beneficiary review
We pull every account and policy that has a named beneficiary and put them on one page. You see who gets what, and where a form is outdated, blank or points to someone you no longer intend.
Account titling check
How an account is titled decides whether it passes directly or goes through probate. We flag joint, individual and transfer-on-death setups that do not fit your plan.
Gifting and inheritance strategy
We talk through giving during your lifetime versus leaving assets later. That includes helping children or grandchildren, charitable giving and the order in which accounts are best passed on.
Tax awareness for heirs
New Jersey still taxes some inheritances, depending on who receives them, and inherited retirement accounts carry their own withdrawal rules. We show you how those rules affect each person on your list, and our Tax Management work goes deeper where needed.
Coordination with your attorney
With your permission, we share a summary of your accounts with your estate attorney so the documents and the money say the same thing.
Scheduled reviews
We set a regular review and add one after marriages, divorces, births, deaths, a business sale or a move.
When your plan may need a look
- Your kids are younger than your will
- Papers signed before a child or grandchild arrived probably miss someone.
- A former spouse is still named
- A divorce may not change who is listed on a retirement account or insurance policy. We find this gap more than almost any other.
- You have had several jobs
- Old 401(k)s and work policies end up scattered, and each can name someone different or no one.
- Nobody knows what you have
- If your spouse or grown children could not name your accounts tomorrow, the plan still has work left.
- You run a business
- A business is often the biggest and toughest asset to hand down. With no plan, heirs may get something they cannot operate or sell.
The steps we take
- 1
Introductory meeting
We meet at our office or by phone or video. You tell us about your family and what you want to happen with your money. We explain how we work and which papers to bring.
- 2
Gather and map it out
You share your statements, policies and any existing documents. We put each asset, how it is titled and who it names on a single map.
- 3
Go over the gaps
We show you, in plain terms, what fits and what does not. The changes are your choice, and nobody pushes you.
- 4
Update the paperwork
We help with the forms and titles on the money side, and send your attorney the summary needed for the legal side.
- 5
Keep it up to date
Your next review is booked before you head out. If something changes before then, call us and we go over the plan again.
What the price depends on
Every family is set up differently, so legacy planning has no one price. Before any work begins, the introductory meeting covers how we charge, so nothing comes as a surprise.
- How many accounts and policies you have
- Mapping ten accounts in different places takes longer than mapping three in one spot.
- Your family's makeup
- Stepchildren, an heir with special needs or family spread across states mean more planning.
- A business or real estate
- A company or rental property adds more to value, title and plan around.
- How often we review
- The ongoing cost follows how often you want the plan looked at again.
Common questions about legacy planning
- Can you draw up my will or trust?
- No. Wills and trusts are legal papers, and an estate attorney should write them. We take care of the money side and work with your attorney so both agree. If you need an attorney, we can go over what to look for.
- Do you have to be wealthy to need a legacy plan?
- No. If you have savings, life insurance or a retirement account, you have something to leave. A brief review can keep a modest estate out of probate and away from the wrong person.
- How often should we look at the plan again?
- On a regular schedule, and again after any big event in your life. Families change and so do laws. A plan left alone for a decade almost always has a problem in it.
- Do my children have to be part of this?
- You decide. Some clients invite their adult children so the whole family knows the plan. Others keep it to themselves. Both work for us.
- Where does life insurance come in?
- A policy can pay taxes or debts, or even out what each heir gets. We check the coverage you have and whether it still does the job. See our Life Insurance Consulting page for more.
Start with a look at what you already have
Bring your statements and policies. We will show you where things stand and what needs updating, and we can meet at our office or by phone or video.