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Denton Financial Group

Estate Planning
Designing the Legacy You Envision
By F. Clark Denton

The term estate planning means different things to different people. One meaning of estate planning is the creation of a legacy. This involves the accumulation of assets during your lifetime.

A second aspect of estate planning is the process of determining who should inherit your assets and how they should inherit them. This step involves making personal choices and can involve drafting legal documents such as wills and trusts to communicate those wishes.

Finally, estate planning can mean devising plans to reduce or eliminate federal and/or state income, estate or inheritance taxes. It may also involve utilizing strategies that help pay any taxes due from the transfer of assets.

When it comes to something as important as planning for the disposition and preservation of your assets, you’ll want to partner with a team of professionals and a company that can help coordinate a sound estate plan. It’s important to be able to trust the members of your team to listen to your concerns and help make informed decisions.

The next step is to evaluate your present and future needs and desires, as well as those of family members. It may be helpful to make a list reflecting these aspirations. This list constitutes the basic building blocks for creating an estate plan. If you’ve already created a plan, compare it to these current concerns to see if the plan adequately meets them.

Important Points to Consider in Planning Your Estate

1. Will: Have you made a will and been diligent in updating it to keep it consistent with current objectives and family changes?

2. Power of Attorney: Has sound management of assets been arranged if you’re no longer able to perform this function?

3. Health Care Proxy: In the event of terminal illness, has health care been considered? Have you created a living will or health care proxy?

4. Property Distribution and Trusts: How will the distribution of property under the current estate plan affect your family? Will assets passing to beneficiaries be prudently managed?

5. Life Insurance: Has life insurance been purchased to meet your estate planning objectives? Have the benefits of irrevocable trusts been considered?

6. Charitable Giving: Does the current plan take advantage of charitable giving in order to support those causes most meaningful to you?

7. Business Interests: If you own a business, is the current plan designed to carry out your wishes regarding the succession or transfer of the business?

8. Preserving Wealth: Do you anticipate having a large enough estate to be subject to estate tax? If so, how does the current plan provide funding for this tax liability?

To learn how to live your dream, how to protect, accumulate, and transfer wealth now and in the future, and to plan for the “if” in your life, I encourage you to contact me.

Be free to live life, your way.

Denton Financial Group 
An office of MetLife
412 Ebenezer Road in Knoxville 
683-A Emory Valley Road in Oak Ridge 
1780 N. Broad Street in Tazewell

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