Estate Financial Planning
Help protect your family, maximize assets, and minimize taxes for generations to come.
What people are saying
I have worked with Bob Langan since my retirement from teaching 5 years ago.
Since that time I have called Bob numerous times about financial issues and he either answers his cell phone or always calls me back promptly.
Bob immediately addresses my concerns and questions. When further paperwork is needed his talented staff has been very knowledgeable and efficient.
Calling his office and speaking to Pat Langan always brightens my day!
I have worked with all of the Family members involved in the business as well as others within the organization on both a professional and personal level.
If you are looking for an organization that will take the time to listen to your needs, understand the goals you have set for yourself and your organization, followed by a well thought out plan, then this is the firm you should be talking to.
Top notch group on integrity. Five Stars from me!
Owner, Weidner Construction Services
Succession Planning Services
What is Estate Financial Planning?
Estate planning, also known as legacy planning is the process of:
- Planning your wishes
- Distributing your assets
- Managing financial obligations
It determines how your assets will be managed and distributed. This can help protect your legacy and ensure your wishes are respected.
3 Reasons Why is Estate Planning Important
The Estate planning process can incorporate a team of advisor to implement the legal documents and financial vehicles to help ensure your wishes for difficult decisions and events.
- Estate planning helps ensure your possessions and assets are bequeathed according to your wishes.
- You can organize your financials to protect a surviving spouse and family in the event of death or disability. This could also trigger your business succession plan.
- Estate planning can help individuals with tax planning. With proper planning, tactics can be utilized to minimize federal and state taxes while maximizing the capital potential for the beneficiaries.
Through careful planning, trusts and other estate planning techniques can be set up to protect the asset's principal and minimize the cost of transferring assets.
In addition, legacy planning can help remove ambiguity and avoid potential legal issues from creditors or taxation down the road.
5 Methods to Financially Protect You Estate:
The financial estate planning vehicles have many variations within each category. Â The variations will determine on your overall goals. Â The main financial vehicles and techniques include:
- Trust
- Gifting
- Life Insurance
- Updated beneficiary lists
- Financial scenarios and impact analysis
10 Reasons To Review Your Estate Planning Important.
Estate plans should be updated every few years. However, when certain life events occur, it is vital to upddate your plan sooner. Such events include:
- You get married
- You get divorced
- Increase in assets or liabilities
- Beneficiaries have passed away
- You wish to support a non-profit
- You have children or grandchildren
- New beneficiaries need to be added
- You start a business or exit a business
- Your or your family health needs have changed
- You or your family have disability or special needs
Estate Planning Checklist
Inventory your financials
Without knowing what assets and finances you have, it is impossible to create a plan that protects and accommodates your wishes.
Identify your family's needs
By identifying your family's needs you can best determine the preparations needed to protect their interests.
Understand tax implications
Federal estate taxes typically only impact members above the estate tax exemption (2023 it is $25.84 million per married couple). However, for 2025, it will drop to $12.4 million unless the tax law changes.
State estate taxes and inheritance taxes can be quite painful. Each State imposes a different estate and inheritance tax, so depending on where you are living as well as where you plan to retire, could potentially impact your legacy planning needs.
Determine power of attorney
Assigning a power of attorney is a safeguard to help protect your interests. There are a few power of attorneys the most common being:
General Power of Attorney:
A general power of attorney is authorized to make all decisions on your behalf that do not conflict or change your last will and testament. This includes:
- Legal
- Financial
- Health
- Business
Financial Power of Attorney:
A Financial power of attorney is a power of attorney that helps make financial decisions for you if you ever become physically or mentally unable to make your own decisions.
Medical Power of Attorney:
In a situation when you are unable to make your own decisions, this power of attorney makes medical care choices on your behalf.
Springing Power of Attorney:
Springing power of attorney is a conditional power of attorney. He or She can only act if certain conditions are met, such as incapacitated.
Determine medical and health care desires
With proper estate planning, you can make your medical and health care desires known. This way, people do not have to debate how you would like specific situations handled.
Establish your directives
Establishing your directives will help document, distribute, and execute your wishes appropriately. Whether this is executing tactics to protect your family, determining your distribution of assets, or updating your medical wishes, these directives will help ensure your wishes are followed through.
Update your beneficiaries
It is very common to forget to update your beneficiaries. Whenever a major life event occurs, be sure to update your beneficiary list to reflect the changes.
Review and update periodically
As time goes on, your current estate plan be become outdated or need updated due to changes in your life. Be sure to review your estate plan every few years.
Review Your Estate Plan
If you already started your estate planning, be sure to review the following documents every few years:
- Will
- Insurance policies
- Beneficiary designations
- Power of Attorney
- Financial assets
- Titles and property deeds
- Identity documents
- Logins, passwords, and codes
- Funeral instructions
- Healthcare directive
Chat with Our Financial Estate Planning Advisors!
Give us a call at 717-288-1880 to see how our local financial advisors can support your estate planning needs.
Or visit our estate planning financial advisors contact page to fill out an inquiry and we will have one of our team members reach out to you!
Help Plan Your Legacy.
Free Estate Financial Planning Consultation!
If you have any financial planning questions or concerns, please feel free to contact us for a free consultation.
You can reach us at 717-288-1880 or visit our contact us page to send an inquiry. We will be sure to respond within 24 hours.
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Disclosure: Check the background of your financial professional on FINRA's BrokerCheck. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Cambridge and Langan Financial Group, LLC. are not affiliated. Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, to residents of: AL, AZ, CO, DE, FL, GA, IA, KY, MD, NJ, NM, NY, NC, OH, PA, TX, VA, WI Cambridge and Langan Financial Group does not offer legal advice. Estate planning services are in regards to your overall financial plan. Always be sure to speak to a legal professional in regards to specific legal matters. Fixed insurance services offered through Langan Financial Group.
Testimonial/Endorsement Disclosure: The testimonials may not be representative of the experience of other customers. The testimonials are no guarantee of future performance or success. All of the testimonials/endorsements are clients with the exception of Steven Martinez of York SPCA. There was no cash nor non-cash compensation for any of the testimonials provided.
© Langan Financial Group
Harrisburg, PA Office
Address: 1863 Center St, Camp Hill, Pa 17011
Phone: 717-288-1880
York, PA Office
Address: 3405 Board Rd, Suite 200, York, Pa 17406
Phone: 717-773-4085
