Estate & Multi-Generational Wealth Planning

The Importance of an Estate Plan for High Net Worth Individuals

As you accumulate financial assets—whether through savings or investment accounts, 401(k)s, life insurance policies, or real estate holdings—it becomes paramount to make informed decisions about the distribution of these assets upon your death or incapacitation. Absent a comprehensive estate plan, you leave your loved ones to navigate this complex process, often guessing at your intentions, and potentially facing lengthy legal battles.

Crafting an Integrated Estate Plan with Momentum Wealth Advisors

At Momentum Wealth Management, we accompany you through every phase of developing an estate plan that aligns seamlessly with your wealth management goals. Serving as your financial quarterback, we coordinate the full spectrum of your estate planning needs. This includes trust considerations, drafting legal instruments such as wills and powers of attorney, and planning for unique objectives like charitable giving or care for special needs family members. We also collaborate closely with your external estate attorney to provide cohesive and informed advice.

Comprehensive Estate Planning Services

Our estate consulting services are designed to deliver the highest level of personalized guidance:

Consultative Process: We engage in a detailed consultative process to identify and develop the estate planning instruments you require.

Continuous Oversight: From the inception of your estate plan to its final implementation, we provide meticulous oversight.

Thorough Review: We conduct thorough reviews of all estate-related documents and address any follow-up questions before drafting.

Ongoing Updates: We assist you in making necessary amendments to your estate documents and entities as your needs evolve.

Addressing Complex Estate Needs

For clients with intricate estate needs, including international considerations or the necessity of specialized legal counsel, our comprehensive offering ensures all aspects are meticulously managed.

Understanding Estate Planning

Estate planning involves more than asset distribution; it’s about defining your legacy. Regardless of your financial standing, a robust estate plan helps you articulate your legacy goals, whether providing for your family, supporting cherished causes, or fulfilling personal dreams. Our expertise ensures the preservation, management, and distribution of your assets during your lifetime and beyond, while minimizing estate taxes and maximizing the benefits to your heirs.

Dying Intestate and Legal Instruments

Dying intestate—without a valid will—places your estate in the hands of the court, where decisions are made based on state laws, often leading to outcomes contrary to your wishes. Basic estate planning instruments, such as wills and testamentary trusts, are essential. However, more sophisticated instruments like revocable and irrevocable trusts offer additional benefits, including privacy, tax advantages, and asset protection.

Multi-Generational Planning

Multi-generational planning requires a delicate balance of foresight and sensitivity. We assist clients in articulating their wishes and goals for wealth transfer, ensuring clarity and harmony among beneficiaries. This includes facilitating family meetings, drafting clear and enforceable documents, and addressing potential conflicts before they arise.

Legal Protections and Healthcare Directives

A comprehensive estate plan should encompass various legal protections:

Power of Attorney: Designates someone to manage your financial affairs if you are unable to do so.

Living Wills: Outlines your healthcare wishes in case you become incapacitated.

Healthcare Proxy: Appoints a trusted individual to make medical decisions on your behalf.

Ensuring Your Legacy

A well-structured estate plan provides peace of mind, ensuring:

Accurate Asset Distribution: Prevents your assets from being tied up in probate, allowing for timely and intended distribution.

Privacy Maintenance: Keeps your estate matters private and out of public records.

Asset Protection: Safeguards your wishes, ensuring they are legally honored.

Tax Mitigation: Employs strategies to reduce the tax burden on your estate.

Momentum Wealth Management does not provide legal analysis or advice. Please consult an attorney for legal matters. Referred attorneys are independent and not affiliated with Momentum Wealth Management.

By addressing these critical aspects, we help you create an estate plan that reflects your unique legacy and provides for those you cherish most. Let us guide you through the process of preserving and enhancing your wealth for future generations.

Any reference to Tax or Legal:

The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

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‍Insurance:

Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

191 Waukegan Road, Ste 350
Northfield, IL 60093

We take a comprehensive, long-term approach to wealth management that helps our clients meet their immediate needs. We create bespoke, lasting solutions for all of life’s financial milestones.

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