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+++++++++++++++ +++ + +++ Í BANKING+ +++++++++++++++ Safeguard Your Financial Future With Basic Estate Planning By Josh Collins M estate planning because they are too busy, do not think they are old enough to need it or simply find it uncomfortable to talk about death. Nevertheless, estate planning is an essential part of your overall financial plans. Take the time to do your estate planning now to ensure that your financial goals for you, your family and your practice are met, both during and after your life. ANY PEOPLE AVOID Engage the right professionals Work with your estate planning attorney, banker and CPA to create a plan for your estate and execute the appropriate estate planning documents. Your advisors can educate you about the various estate planning vehicles available and recommend the right solutions to meet your needs. Establish your objectives Before you can determine the proper estate planning strategies, you need to determine your objectives for transferring your wealth. Considering the following questions will help you determine the best plan for your estate: + When are you planning to transfer wealth? Do you want your beneficiaries to have access to your assets while you are still alive? + Who are the beneficiaries of your assets? What amount or percentage of your estate should each one receive? + What assets are involved? Do you have business assets to consider in addition to your personal wealth? Set up the basics There are four legal documents that you and your spouse should both have as part of your basic estate plan: • Financial Power of Attorney • Medical Power of Attorney • Living Will / Directive to Physicians • Last Will and Testament / Revocable Living Trust In addition to these essential documents, you also should consider asset protection planning. Asset protection planning is an important part of estate planning, especially for physicians, who have a greater than average exposure to litigation risks. You should document your finances and account for all of your assets, including stocks, retirement accounts, real estate, trusts and other bank accounts. Your financial advisors will use this information to help you determine the best planning strategy for your needs. Take care of your practice If you own or are a partner in a practice, you should create a contingency plan with procedures that should occur if anything happens to you. Asset protection applies to your practice as well. Talk to your CPA about getting a valuation of your practice so you can determine how much your practice is worth and the assets for which you will need to account in your planning. Explore other planning strategies Depending on your estate planning needs, your attorney and banker can help you create a plan that will help you protect your assets and maximize tax efficiencies. Developing these strategies for wealth transfer could save you money now, as well as save your beneficiaries money in the future. may want to adjust your planning if your wealth changes significantly or if there are changes to tax laws. Major life events such as marriage, divorce and the birth of children or grandchildren may also impact your plan documents, Life is filled with unpredictable events and circumstances. It is important to be proactive in your estate planning now so you and your family can be prepared for any changes and challenges you may face in the future. Josh Collins is a Vice President, Senior Advisor in Private Client Investments for Amegy Bank of Texas in San Antonio. He partners with other professionals as the investments specialist on Amegy's Healthcare Banking team, collaborating to provide physicians with personalized solutions and comprehensive service. The health care team specializes in meeting and anticipating the needs of doctors, corporate executives, professionals, entrepreneurs, business owners, wealthy individuals and families who expect and deserve excellence and seek personalized relationship banking. For more information, please contact Collins at (210) 343-4555, email joshua.collins@amegybank.com or visit www.amegyhealthcare.com. I Maintain and continue to re-evaluate Once you have your estate plan in place, make sure you keep accurate records of your documents and continue to re-evaluate your plan over time. You MDNEWS.COM I MD NEWS San Antonio | 11