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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
March/April 2021
Who Needs an Estate Plan?
You may think of estate planning as something only wealthy people need. But the truth is, a basic estate plan is important for anyone who wants to ensure that his or her final wishes are carried out.
Your Will is the cornerstone of your plan. It states who will receive your property upon your death. A will can also name a guardian for your minor children in the event that neither parent is living.
Advance Directives designate someone to make medical and financial decisions for you if you’re incapacitated and unable to make them yourself. A living will (or health-care proxy) states your wishes regarding any life-sustaining medical interventions you would or wouldn’t want. A durable power of attorney allows the person you designate to handle financial matters on your behalf.
Beneficiary Designations typically are required for retirement accounts and life insurance policies. A beneficiary designation supersedes your will. At your death, the assets in the account pass directly to the person or persons you’ve listed as your beneficiary/ies, no matter what your will states.
The Executor or Personal Representative named in your will settles your estate and guides it through probate. Your representative should have access to your will and any trust documents, as well as a list of insurance policies, retirement plans, financial accounts, real estate deeds, and mortgage and loan agreements, along with your account numbers and passwords. Include a list of people who should be contacted upon your death, such as relatives, friends, and your attorney, and their contact information. And don’t forget social media accounts. Provide your representative with your passwords so accounts can be updated or deleted. Keep this information current.
Life Insurance is an important estate-planning tool. Life insurance benefits can be used to sustain your family through the loss of your income, pay your funeral expenses, benefit a charity, or fund your children’s educations. Since life insurance proceeds pass outside your will, the money will be available without waiting for probate.
Trusts are legal entities that allow you to place conditions on how certain assets are distributed or minimize estate and gift taxes.
Consult your financial professional and estate attorney for help with creating an estate plan.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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