Estate Planning Estate planning should be a part of every financial plan. Why? Well, by definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. Making sure that you include life insurance into your estate planning is another vital, but sometimes overlooked, aspect of the process. Ensuring that you incorporate a life insurance policy into your estate planning will keep your family covered in the event of your untimely death. The best way to design a strong estate plan is to make sure your estate planner and financial planner are working together and communicating as these two elements are very closely related. Estate planning involves more than just tax savings for the wealthy. Estate planning is essential for individuals with a wide range of financial situations. In fact, it may be more important if you have a smaller estate, as final expenses will have a much more significant impact. Wasting even a single asset may cause your loved ones to suffer from a lack of financial resources.At Total Resource Financial, we work with your tax and legal representatives, or help determine the estate planning specialists needed, to ensure that every aspect of your plan is met. Together, we will help you take the steps necessary to protect, conserve, and distribute your assets for the benefit of your loved ones.Our clients reside across the nation and include residents from the following counties in Florida: Hillsborough CountyPasco CountyPinellas CountyPolk CountyManatee CountySarasota CountyAnd many more! Legacy PlanningLegacy Planning encompasses more than the typical estate planning. The difference between estate planning and legacy planning comes down to some of the most abstract elements of developing the plan.There are several ways that legacy planning will help ensure that you are leaving behind a plan that will help your surviving beneficiaries when you can't be around to assist them. Determining which heirs receive how much of the inheritance, crafting a familial narrative for after you are gone, and any charitable endeavors that you wish to contribute to in memoriam are also facets of legacy planning.Inheritance PlanningIn addition to legacy planning and life insurance, estate planning requires you to consider multiple other factors. Inheritance and tax planning are considerations that are sometimes overlooked during the estate planning process. Failure to account for these aspects can have unintended consequences for your family.Taking the time to plan out how your inheritance will distribute to your heirs is vital to ensure your will executes the way you intended. If you’re uncertain about how to go about this, Total Resource Financial can help you through the inheritance tax planning process.In addition to estate planning, Total Resource Financial offers services that help you develop a solid financial plan for our clients statewide, including local residents of Hillsborough, Pasco, Pinellas, Polk, Manatee, and Sarasota Counties. Our services include: Comprehensive Financial PlanningRetirement PlanningInsurance ServicesLife TransitionsBusiness SolutionsAnd Much More!Assuming that estate planning is a one-time event is a common mistake made by many. It is important to review and update your estate plan periodically as life circumstances, assets, and rules change. Contact us at firstname.lastname@example.org or 813-571-1233 to schedule your estate planning review today.