Foundation Planning: Building the Cornerstone of Your Estate

Estate planning can cover a wide range of issues from outlining your wishes for asset distribution, healthcare decisions, and guardianship in the event of incapacity or death to addressing complex asset protection and tax planning.

At our estate planning law firm, we offer a unique approach called Foundation Planning, which focuses on building a solid foundation for your estate plan. Today I will discuss what Foundation Planning is, why it’s important, and how it differs from other estate planning approaches.

What is Foundation Planning?

Foundation Planning is a more detailed approach to estate planning that focuses on building a solid foundation for your plan. I wouldn’t say it’s methodical, but it takes more of a commitment from you and your team here at Jensen Law Office, PLLC. This approach involves a review of your current financial situation, your goals, and your family’s needs over multiple consultations. From there, we work with you to explore an extended list of planning options and customizations that will help you achieve those goals and meet those needs.

The Foundation Planning process includes the creation of a variety of legal documents, including wills, trusts, powers of attorney, and healthcare directives. We also advise on beneficiary designations on insurance policies and retirement accounts to ensure they align with your overall estate plan.

Why is Foundation Planning Important?

Foundation Planning is important because it ensures that your estate plan is tailored to your specific needs and goals. Rather than taking an abbreviated approach, we work with you to create a plan that reflects your values and your family’s unique situation.

Having a solid estate plan in place can also provide peace of mind. It allows you to rest easy knowing that your assets will be distributed according to your wishes and that your family will be taken care of in the event of your incapacity or death.

Foundation Planning also serves as a solid starting point for future estate planning. As time goes on you may wish to add charitable planning, asset protection, and Family Limited Liability Companies, or specialized irrevocable trusts such as ILITs, SLATs, IDGT, QPRTs, and many others. With Foundation Planning you will already have the “foundation” of that future planning.

How Does Foundation Planning Differ from Other Approaches?

Many estate planning firms take a transactional approach to estate planning. They focus on creating legal documents without taking into account the larger picture. Foundation Planning is different because it takes a holistic approach to estate planning.

Rather than simply creating legal documents, Foundation Planning involves an ongoing relationship with our clients. We provide ongoing guidance and support as your life circumstances change and as your goals and needs evolve.

In Conclusion

Foundation Planning is a unique approach to estate planning that focuses on building a solid foundation for your plan. It is a comprehensive plan that considers your current financial situation, your goals, and your family’s needs. By working with an estate planning law firm that offers Foundation Planning, you can ensure that your estate plan is tailored to your unique situation and that your family’s future is secure.