In our Total Wealth Management planning process at Master’s, the 3rd quarter is where we play some ‘defense’, with our focus on estate planning and insurance. More broadly, the theme for this quarter is Risk Management.

Over the next 5 weeks, we will cover several different topics regarding risk management:

1. Do you need life insurance? – Life insurance comes in many forms, but at its core, it is intended to provide a tax-free death benefit to heirs. How do you know if life insurance should be part of your financial plan?
2. The roles in your estate plan – Who do you need to name in your estate plan and what will their job be? Typically, family members and close friends are named in these documents, and it is important to understand the roles you are asking them to play.
3. Do you need a trust? – Trusts come in all shapes and sizes, and there is an argument to be made that they are overused in the estate planning world. How do you know if a trust fits into your plan?
4. Incorporating generosity into your estate plan – Many of us want to include gifts in our estate plan. If we are going to give, how can we best leverage the tax advantages of doing so within an estate plan?
5. The value of liquidity and when you might need it – The estate process can be expensive. How can you best prepare your heirs to have the liquidity they need to properly administer your wishes?

As we go through this series, let us know what questions you have and what topics are most helpful for us to cover. Time to play defense!