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Estate planning goes beyond writing a will. It’s about ensuring that your wealth is transferred according to your wishes, with minimal taxes, legal hurdles, or family disputes. This principle becomes especially vital in the transition phase, but should be considered early and revisited often to reflect changes in family, assets, or laws.

Here is an example presented by Jacob Packer, First Federal Bank Wealth Management Advisor:

Estate planning is one of the most important components of a family’s legacy—yet it is often overlooked or postponed. True estate planning isn’t something accomplished in a single day; it’s a thoughtful, evolving process that, when done right, often takes years.

One of my clients had recently sold an investment property in another state, and we built a portfolio to help replace the income that the property had previously provided. As we discussed her financial goals, a recurring concern emerged: how to responsibly pass her wealth on to her family.
Over the course of several meetings, we worked together to craft a plan that honored her wishes. She decided to engage a local estate attorney to draft a trust and asked if I would be willing to accompany her and her daughter to the initial meetings. I was happy to do so. Being there allowed me to explain her current financial picture and offer support, which gave her the confidence she needed during an emotional process.

We also held joint meetings with her children so they could gain a clear understanding of her assets and the plan she had put in place for their benefit. That transparency made a lasting impact—not only did it give her peace of mind, but her children have since become clients themselves. 

True estate planning is more than just transferring wealth—it’s about creating a legacy that is simple, intentional, and prepares the next generation to steward that wealth responsibly.

Next week, we'll dive into the final principle: Relationship Management. 

Read all the Wealth Wisdom Articles

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