Families come in many shapes and sizes. They include divorced, widowed, never married, or same-sex couples. In Connecticut, many nontraditional families may struggle to ensure their estate is planned correctly and protected from risks. Estate planning and risk management are essential for all families, especially nontraditional ones. A reliable financial advisor like Nesso Wealth can assist them in understanding their particular needs and making informed decisions.
At Nesso Wealth, we offer a wide array of estate planning and risk management resources to help nontraditional families plan for their futures. Our team has extensive experience assisting families with their financial needs and can provide personalized advice. We understand the complexities of nontraditional family dynamics and can guide you through creating a comprehensive plan. Fill out our form today to get started.
1. Risk Management
One of the primary concerns for many families, including nontraditional ones, is taking care of their future. Planning for the unexpected can prevent financial problems and reduce stress. Risk management is a great way to ensure that your assets, investments, and other financial holdings are secure. Nesso Wealth can help you understand the risks of different investments and implement strategies to reduce your exposure.
Some of the risk management strategies we recommend to our nontraditional clients include the following:
- Having multiple streams of income to provide security in the event of job loss or illness
- Purchasing insurance policies that cover medical expenses, disability, and life events
- Establishing an emergency fund for unexpected costs
- Investing regularly to achieve long-term financial goals
2. Estate Planning
Distribution of assets may be a concern for families with nontraditional structures, often because a single parent has filed for divorce or a couple has lost one of the partners. Estate planning is when an individual designs a plan to guide the distribution of their assets. It may include a will, a power of attorney, or a living will. When creating an estate plan, there are many things to consider, such as leaving assets to loved ones, taxes, and debt management. If you have children from a previous marriage, you may want them to inherit some assets.
Estate planning can be complex and could involve family discussions, health issues, property ownership, and financial information. Thanks to our experience in these matters, working with us to plan your estate can provide better results than attempting to create a plan on your own. We know how to deal with the legal, financial, and emotional aspects of estate planning to guarantee the best outcome for you and your family.
3. Legacy Planning
Legacy planning is creating a plan to ensure your legacy continues beyond your lifetime and provides financial security for your loved ones. Making these decisions now can avoid disputes among family members in the future. At Nesso Wealth, we realize that people have different ideas about how to leave a legacy, so we take the time to get to know you and understand your wishes. We can then create a plan accordingly. We’ll look at your financial situation and the various options you have. Once you’ve decided what to do, we’ll work with you and your family to guide you through the process.
4. Trust Services
A trust is a legal document that holds a person’s assets. It can save your family from probate and allow you to make choices regarding the distribution of your assets. Trusts are generally more complicated than wills because they can contain many provisions based on your desires, such as setting up your retirement plans. If you want to create a trust to protect your assets, Nesso Wealth can help. We’ll explain the different kinds of trusts and help you decide which makes the most sense for your situation. We’ll also walk you through the trust creation process and guarantee it meets all legal requirements.
Selecting the right trustee is also crucial for the success of your estate plan. Fortunately, Nesso Wealth has a team of professional trustees that can help manage your trust, investments, and other financial matters. We’ll work with you to find the best trustee for your situation, someone who will be responsible and reliable. You won’t have to worry about your assets being mismanaged since the trustee will be accountable to you.
Benefits of Our Services for Nontraditional Families in Connecticut
Estate planning and risk management, which benefit all types of families, are important to preserve family values and continuity. Here are the key benefits of our estate planning and risk management solutions for nontraditional families in Connecticut:
1. Protection of Children
The importance of estate planning and risk management for nontraditional families can’t be overstated, especially with children in the picture. For example, a trust can help protect children financially if something happens to their parents. Beyond that, maintaining a family structure is crucial for children because it allows them to have the same relationship with all of their parents.
The challenge of nontraditional families is that they’re less likely to receive financial support from relatives. An estate plan can be a way to maintain financial security, independence from government aid programs, and prevent inheritance.
2. Simplify Custody Laws
This benefit is significant if you’re divorced and have children outside of Connecticut. Under current laws in Connecticut, the court can only award physical custody to one parent. If that parent is incarcerated or incapacitated, the other parent has custody of the children. A way that an estate plan can facilitate this is through a trust. The trust can provide for the continued support of the children while allowing the parent to retain control of the finances. This way, you and your loved ones can have a safety net in case of a divorce, even if you don’t live in the same state.
3. Protect Your Assets
A common estate planning strategy for families is an irrevocable gift trust, which means you can’t take back assets from the trust after setting it up. This type of trust benefits nontraditional families because it allows you to protect your assets from creditors or other creditors of your family members. An irrevocable gift trust can also protect your assets from being subject to taxation in the future and provide financial support to your family after you pass away. Nesso Wealth can explain everything you need to know about setting up an irrevocable gift trust and how it can benefit you.
4. Tax Savings
Many families start estate planning and managing risk because it saves them money in taxes. When a person dies, they’re taxed on assets transferred to other people. For instance, if a parent is married, they would be taxed on the assets transferred to each spouse after death. If a parent were to set up a trust, they could save on the taxation of those assets. In nontraditional families, one person may be more financially secure than the other. Still, a trust can help both save money on taxes.
Estate planning and risk management make it so that each decision you make during your lifetime can benefit you and your family financially in the future. Our financial advisors will help you understand the tax implications of every strategy and determine the best solution for your loved ones. If you’re unfamiliar with the tax code and its application to nontraditional families, Nesso Wealth can help you navigate it.
5. Limit Probate Proceedings
The main benefit of estate planning and risk management is that it limits the probate proceedings your loved ones will have to go through after death. The courts handle your assets if you pass away and don’t have a will or trust. Probation can be an expensive and time-consuming process. In addition, your loved ones may feel overwhelmed during an already difficult time. You can save your family time, money, and stress by working with us to create a proper estate plan. They’ll be thankful that you took the time to plan for them.
Our Proven Process
At Nesso Wealth, we’ve designed our proven process to be comprehensive and straightforward. First, we focus on getting to know your family’s needs, goals, and dreams for the future. After you share this information with us, we’ll discuss possible solutions and create a customized plan proposal to meet your objectives best. If you’re unfamiliar with estate planning, don’t worry; we’ll educate you on all the components using plain language.
Once your plan is complete and you feel confident, we can help you implement it efficiently and accurately. Then, we’ll proactively reach out to you to guarantee it’s still up-to-date and that you’re on track to pursuing your financial goals.
Protect Your Loved Ones and Possessions with Nesso Wealth in CT
If your nontraditional family is looking for estate planning and risk management services in Connecticut, look no further than Nesso Wealth. We’re a well-established financial planning firm that provides comprehensive wealth management solutions to individuals and families. We believe that estate planning should be tailored to each family’s needs. Therefore we take the time to understand your family dynamics before creating a plan. Whether you’re looking for asset protection, tax savings, or probate avoidance, our team can give you the guidance and support you need. Contact us today to get started.
This blog is not intended to provided specific legal, tax, or other professional advice. For a comprehensive review of your personal situation, always consult with a tax or legal advisor.