Preparing to plan your estate
Designing a legacy consistent with your dreams and values is a personal, often complex process. But it's well worth the effort. Consider setting up a family estate planning meeting to help improve communication, prevent conflicts and let your family know what's important to you.
After giving some thought to your wishes, including the needs of family members you want to provide for, seek the professional guidance and estate planning advice you need from your attorney, tax professional and financial advisor. To help you estimate the value of your estate, you'll need to take the following into consideration:
- Current income and likely future income
- Annual expenses
- Current assets and debts
- Tax implications of federal transfer taxes, state death taxes and federal income taxes
Revisit your estate plan regularly
Just like your financial plan, it's important to review your will and other estate planning documents regularly, or when significant life events occur. Your Ameriprise financial advisor can help you create a financial plan that includes estate planning strategies designed to help you reflect the things that are important to you.