“The only wealth you will keep forever is the wealth you have given away.”
Marcus Aurelius
Legacy planning is about preserving your wealth and values for future generations. At Fairfield Stern, we design strategies that ensure your estate is transferred efficiently and in alignment with your wishes.
We collaborate with legal experts to structure trusts, wills, and charitable giving plans that minimize tax liabilities and protect your assets. Our holistic approach considers family dynamics, philanthropy, and business succession, creating a lasting impact. With meticulous attention to detail, we provide peace of mind that your legacy will endure, reflecting your vision and values for generations to come.
The Art of Estate Planning: Securing Your Legacy
Estate planning is a profound act of stewardship, ensuring that the wealth you have cultivated over a lifetime is distributed in alignment with your intentions, minimizing tax burdens and avoiding delays or disputes that can arise from state intervention. Without a well-crafted estate plan, local laws may dictate asset distribution, potentially leading to higher taxes, prolonged legal processes, and emotional strain for your family.
At Fairfield Stern, we view estate planning as a life-affirming endeavor—one that empowers you to shape your legacy with clarity and confidence. Our team partners with you to create a comprehensive estate plan tailored to your unique circumstances, whether your assets are modest or substantial. We leverage our deep expertise in trusts, estates, and wealth management, collaborating seamlessly with your legal counsel, accountants, and other professionals to ensure a cohesive strategy. Our goal is to provide you with the assurance that your wishes will be honored, from the care of minor children to the transfer of business interests or cherished family heirlooms.
Key instruments in our estate planning toolkit include:
- Wills: A foundational document outlining your asset distribution preferences, ensuring clarity and legal enforceability.
- Trusts: Flexible vehicles that provide control over asset distribution, minimize taxes, and bypass probate, offering efficiency and privacy.
- Powers of Attorney: Designations that appoint trusted individuals to manage your financial or healthcare decisions in the event of incapacity, reducing the need for court-appointed guardians.
- Insurance Policies: Strategic tools to provide liquidity, cover estate taxes, or fund charitable bequests, preserving your wealth for intended beneficiaries.
By incorporating these instruments, we help you avoid common pitfalls, such as court involvement or unintended asset allocation, while ensuring your estate plan reflects your values and priorities. Our meticulous documentation process addresses specific assets, such as family businesses or sentimental gifts, and establishes a framework for a lasting family legacy.
Charitable Giving: Amplifying Your Impact
Integrating philanthropy into your estate and financial plan is a powerful way to support causes close to your heart while enhancing your overall wealth management strategy. At Fairfield Stern, we design charitable giving strategies that align with your financial objectives, offering both immediate and long-term benefits. Thoughtful giving can yield tax deductions, generate income streams, or create a legacy of impact, all while ensuring your gifts are delivered efficiently to your chosen beneficiaries. Our advisors guide you through a range of charitable giving options, each tailored to your preferences and financial goals:
We also explore timing strategies to optimize your giving. For instance, donating during your lifetime can yield immediate tax benefits while allowing you to witness the impact of your generosity. Alternatively, legacy gifts through your estate can ensure long-term support for your chosen causes. Our team evaluates your portfolio to recommend the most tax-efficient methods, ensuring your charitable contributions achieve maximum impact without compromising your financial security.
- Donor-Advised Funds: Flexible vehicles that allow you to make irrevocable contributions, claim immediate tax deductions, and recommend grants to charities over time, offering control and simplicity.
- Bequests and Beneficiary Designations: Provisions in your will or retirement accounts that direct assets to charities upon your passing, ensuring a lasting impact.
- In-Kind Donations: Gifts of appreciated assets, such as publicly traded securities, which can reduce capital gains taxes while maximizing the value of your contribution.
- Charitable Trusts: Structures like charitable remainder trusts that provide income during your lifetime and benefit charities thereafter, blending philanthropy with financial planning.
Strengthening Family Bonds and Values
Philanthropy and estate planning are opportunities to unite your family around shared values. By involving loved ones in discussions about your charitable intentions and estate plans, you foster transparency and reinforce generational values of stewardship and giving. Our advisors facilitate these conversations, ensuring your family understands your vision and is prepared to carry it out.