Keep Your Financial House Organized With an Estate Planning Firm

Jared Faltys

Financial planning, business tax planning, investment advisory services


For many, the phrase “estate planning” evokes images of sprawling mansions and accountants hunched over a computer. For this reason, you might think that this essential preparation process doesn’t apply to you or your family. You might even be under the impression that you don’t need an estate plan at all. 

On the contrary, estate planning is necessary for everyone who hopes to secure their assets and protect the financial futures of their heirs. Boston College reports that around $59 trillion will be transferred from approximately 94 million estates in America between 2007 and 2061. Ensuring the safe and proper transfer of your hard-earned, valuable assets requires advanced planning. 

While important, this process doesn’t have to be intimidating. Here’s what you need to know about planning for your estate’s future. 

What is Estate Planning? 

Despite the common misconception, estate planning is not just for the wealthy. Even if you wouldn’t classify your home as an “estate,” this term encompasses many other valuables in your life. Assets such as real estate, vehicles, business ventures, and cash are all included within the scope of estate planning. Anything and everything you’ve worked to earn is worth protecting!

Why would I want an estate plan? 

There are many benefits to establishing a legal plan for your estate. By formulating an estate plan, you can ensure that your valuable assets are properly transferred to a next-of-kin or other heirs after you pass. While this is never something pleasant to think about, establishing a plan can grant you and your loved one’s peace of mind. It will help ensure your last wishes are met. It will also eliminate any additional stress for your children or family as they determine how to proceed with your life’s assets.

You may not feel as if you’re in a place of life where you need an estate plan, but starting early has its advantages. The more time you have, the more thoughtful you can be in your deliberations and the more people you can include in important decisions. 

What is an estate plan? 

Your plan will be composed of documents that outline your intentions for your accumulated assets. It legally documents and records your wishes for how these assets will be handled when it comes time for them to be passed on. It also assigns roles, such as who will enforce your wishes and who will benefit from them. 

Despite the essential nature of these documents, only 42% of American adults currently have estate plans. Still, Edward Jones measured that 77% of adults know that these plans are important. By formulating an estate plan, you can ensure that your legacy lives on and benefits the ones you love most.

If you’re reading to begin your asset allocation, you might benefit from the help of an estate planning firm. 

What is an Estate Planning Firm?

An estate planning firm is a collection of licensed professionals that can assist with the creation and execution of an estate plan. Although it may seem simple to plan your future, these well-versed experts can help you navigate legal jargon and avoid any challenges along the way. 

These firms can do more than just file paperwork for you. They will also provide tax planning strategies designed to help you manage your wealth throughout your life, enabling you to eventually pass more on to your loved ones. Estate planning firms can also help you navigate the tax laws and difficulties that come with inheritances. As you establish the future of your estate, these experienced individuals can ensure that your plan is as streamlined and efficient as possible. 

Why Should You Work With an Estate Planning Firm? 

When you make the decision to work with an estate planning firm, you’ll gain a team of knowledgeable professionals. These individuals can act as a sounding board to help you determine what you want and need in your estate plan. With years of experience, they can provide ideas and advice that you may have never considered on your own. 

Best of all, you can inform your team of your personal goals. If you have a favorite charity or local organization, you can learn how to become a lifetime or legacy-leaving donor. If you have a small business or other entrepreneurial venture, they can provide legal advice regarding succession plans and asset allocation. 

When you choose to do business with an established firm, you’ll reap the benefits of a team that will work alongside you for years to come. This means that they’ll adapt to changing assets and changing visions for your beneficiaries. They can review current estate plan documents and help formulate new ones, with the knowledge of your history and personal financial goals. 

Forbes reports that one of the most important steps in establishing a successful estate or succession plan involves educating and communicating.  As you choose the perfect estate planning team for you, consider a group that will prioritize your wants and needs. With a team that’s ready to listen and offer expertise, communicating and executing your vision has never been easier. 

McMill CPAs & Advisors

McMill CPAs & Advisors serve as your one-stop shop for all of your financial and estate planning needs. Our large team of experts located in Norfolk, Nebraska is ready to manage the more complicated parts of owning assets so that you can relax and enjoy what you have! Whether you have personal or business needs, McMill can apply an experienced eye to your tax, accounting, and financial affairs. 

Much like establishing a will, no one ever likes to think about needing an estate plan. However, contacting McMill CPAs & Advisors is your first step in gaining peace of mind for yourself and your family. Whether you simply have questions or you’re ready to draft your first plan, today is the perfect day to contact our team