Cody, Cody & McCarthy Milestones
Many people are unsure of when to establish an estate plan. As we often advise our clients, estate planning is not only about tax savings and avoiding probate, it’s about making sure your wishes are carried out when you’re not able to express them yourself. This means that everyone should have a plan in place. For younger individuals, this may simply mean having a basic estate plan consisting of a Durable Power of Attorney, Health Care Proxy, Health Information Waiver Form, a Last Will & Testament and often, a Revocable Living Trust. As one progresses through life, acquires assets and faces different issues, the core estate plan must evolve and adapt to meet the clients’ changing needs and wishes.
Cody, Cody & McCarthy Milestones are a series of hallmarks in life at which your estate plan should be reviewed. If you are reaching or have reached a Cody, Cody & McCarthy Milestone mentioned below and would like to review your estate plan, please contact us .
After marriage, spouses often want to designate one another as fiduciaries in all core estate planning documents to ensure each can act on behalf of the other in the event of an emergency.
Birth of Child
Updating the estate plan to designate guardians for minors is critical at this stage to avoid court involvement. Also, if the couple has not done so, establishing a Revocable Living Trust to hold assets to care for a minor child is generally recommended to avoid court involvement.
Purchase of First Home
At this stage in life, many couples have accumulated enough assets that it is necessary to review the composition of assets and how each is titled to ensure the estate plan carries out the clients intended wishes and minimizes exposure to both MA and federal estate taxes.
Planning for Children’s Educations
There are many planning tools that should be considered at this stage to help families prepare for the cost of education.
When clients retire, we work with them to ensure they have access to their assets and the necessary income to maintain their standard of living while minimizing estate tax exposure and protecting assets from the cost of long-term care.
If done properly, planning can shelter assets from the cost of long-term care. The earlier the planning is done in life, the more control individuals have in protecting their assets.
Cody, Cody & McCarthy Milestones Gift Certificate
In working closely with clients, we have found that their primary concern isn’t always tax savings or probate avoidance, but rather, their families. Many clients have expressed the desire to pass the gift of planning on to their families. The Cody, Cody & McCarthy Milestones Program is designed to facilitate that gift.
Please contact us today to purchase a gift certificate for your loved ones. A $2,500 gift certificate will include all of the documents mentioned above as part of the basic estate plan (except a revocable living trust) and two consultations with the couple.* A $3,500 gift certificate will add the preparation of a revocable living trust.**
*Additional planning, including but not limited to trust drafting, would not be included in this price
** A $500 is discount available to Cody, Cody & McCarthy, LLC Annual Maintenance Program members (applies to enrolled members after free trial-membership expires)