Estate Planning Strategies

The head of First Financial Tax Group in Boca Raton Florida, Barry Kornfeld has almost 30 years of experience helping people make financial plans for their later years. One area that Barry Kornfeld focuses on is estate planning.

In order to secure the financial futures of your loved ones, it is important to assemble an estate plan sooner rather than later. This may seem like a daunting task, but by following these strategies, you can make the process less stressful:

Formulate a Trust.

By having a trust in addition to a will, you can ensure that your assets will be properly distributed among all your beneficiaries. There are several different types of trusts, each one providing much more control over your estate than a simple will. For example, a living trust will help you avoid high probate costs and is still effective if you own properties in more than one state.

Check Your Power of Attorney (POA).

Too often we see perfectly legal powers of attorney that are failing, when they are needed most, at local area financial institutions. In addition, most investors are not aware that the Social Security administration requires a Representative Payee form be filled out, and won’t even recognize your legal POA. Barry Kornfeld will provide a checklist that can be used to test your existing POA with your own financial institutions.


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