Paper dolls, representing estate planning for family and generations.

Estate Planning for an Uncertain Future

Throughout our lives and business, we’ve had the pleasure of meeting so many different people. Everyone will face their own trials and tribulations throughout life—hardship, health issues, family drama and financial pressures. And ultimately, we all face the same fate.

We see this everyday when working with our clients as we try to help them through these challenges. This is why we believe strongly in the importance of estate planning. We have people looking to plan for their own futures and what they will eventually leave behind for their family. We have others who have already faced the complexities of handling estates for those they’ve lost.

The Importance of Estate Planning

We get the value of strong estate planning because we are living it. We have developed our own estate plan and we have used our experience to help others find the guidance and support they need. This is why we are hosting a special informational seminar on March 21, 2024 at Align space in West Chester.

At this event, we will be providing our perspectives as seasoned real estate professionals. We’ve seen and handled just about every type of real estate transaction you can imagine—including those involving family estates. We will be joined at this seminar by an estate attorney and members of a local CPA firm to provide valuable insight and information on the subjects of estate planning and estate management. Here are some of the topics we will be covering:

It’s never easy to broach the subject of estate planning, but it must happen if you have any wealth or assets (such as real estate) that needs to be properly handled when you are gone or no longer able to make important financial decisions for yourself. The sooner you can develop your estate plan, the better. Even then, it’s something you should revisit and review regularly in case changes need. Family dynamics can always change (marriage, divorce, children, grandchildren, etc.), so don’t ever consider your estate plan set in stone.

Key Components of an Estate Plan

Proper estate planning isn’t simply naming your beneficiaries in a will and letting them figure it out when the time comes. There are many components of an estate plan and a variety of scenarios you need to plan for other than just death. You may want to set up trusts. You should choose an executor for your estate, along with a health care proxy and specific directives covering different health situations that could occur.

Power of Attorney and Other Designations

What is a Power of Attorney (POA) and why should it be part of your estate plan? Also, what should you do if you have been granted Power of Attorney over someone else’s estate? What should you do if you are named Executor, Executrix or Administrator? These are important questions we will answer at the seminar.

Tax Planning

Estate taxes and smart tax planning are critical components of a good estate planning. It’s important to understand tax requirements and codes that could affect your estate before and after your passing. This is something that should be done as part of your estate planning to protect your assets and limit the tax impact on your beneficiaries.

Real Estate Planning

Owning real estate adds a great deal of complexity to the estate planning process. Your property is a major financial asset. It could be a gift or a huge burden for your family, depending on how it is handled in the estate plan. Understand the finer points of how to manage your real estate as a significant part of your estate plan.

Q&A Session

After the presentations from the speakers, there will be an open forum for questions and answers. If you have specific questions about estate planning, this is a great opportunity to learn from a group of experts.

The greatest estate planning mistakes we’ve seen is when people acted on a matter based on assumptions and not with professional guidance. There are financial, legal, emotional and familial factors to consider when developing your estate plan or managing an estate for someone else.

If you would like to attend this event, we recommend signing up for our newsletter email list and we will get an invite out to you with more information. Otherwise, you can contact The Cyr Team for additional information and event details.

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