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Establish Your Legacy Today

Estate planning allows you to control what happens with your assets after you pass. You get to determine the legacy you leave behind. It may be difficult to think about the time that you and your loved ones hope is in the distant future, but making these decisions now gives you confidence knowing that you have everything in place for when that day arrives.

<h2>Understanding How Estate Planning Works</h2>

Understanding How Estate Planning Works

How you choose to allocate your assets is a personal decision, but at Phillips Financial we can help you determine which strategies are advantageous for you and your heirs. Your estate plan may include:

  • Will: A legally binding document that allocates your assets after you pass and names a legal guardian for minors. A will doesn't take effect until you die, and it has to go through probate.
  • Revocable Trust: This legally binding arrangement takes effect immediately. You decide how you want your assets handled, including when your beneficiaries receive their inheritances. You can make changes at any time. You designate a trustee who distributes and manages the trust after you pass. Trusts do not go through probate.
  • Living Will: This document lays out your health care wishes should you become incapacitated.
  • Durable Power of Attorney: The durable power of attorney is the person you appoint to ensure your living will is carried out.

Phillips Financial and LPL Financial do not provide legal advice or services.  Please consult your legal advisor regarding your specific situation

Phillips Financial can help you leave behind the legacy you desire while seeking to minimize your heirs' tax burdens. Contact us today to set up an appointment with a financial professional.

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