Estate Planning

William Saroyan - Writer

"Everybody has got to die, but I have always believed an exception would be made in my case, now what?”

At the time of his death in 1977, Elvis Presley’s estate was worth $10 Million ($30 million by today’s standards). However, due to a lack of a comprehensive estate plan, 73 percent of the estate went toward legal fees, estate administration costs and estate taxes, leaving only $3 million to his loved ones ($8 million in today’s dollars).

Here’s the good news: Elvis’ estate is now worth over $250 million. How? The answer is due mainly to his widow Priscilla and the company she created in 1980, Elvis Presley Enterprises. Clearly his legand lives on.

Unfortunately, for most of us, we don’t have a closet full of gem studded, leather jumpsuits. Nor will we ever sell over 1 billion records worldwide. What we do have in common is that we have spent a life time building a “nest egg” that should be left to our loved ones or other worthwhile causes of our choice. But that’s where action has to follow intention. Most clients we sit down with initially have either not completed a comprehensive estate plan or haven’t updated it in years.

One thing holds true – our government tax “system” is designed to take more from the uninformed then the informed. At 3 Rivers Wealth Management Group, we educate and inform our clients of their potential estate liabilities and costs. We will work with you and your attorney to proactively establish a plan that will help limit as much of your tax burden as possible. Thus ensuring more of your life’s hard work and effort are left with those individuals, churches, charities or other organizations that you care about.

Our Personal Financial Consultants can help you with:

  • Forecasting Estate Settlement Costs
  • Life Insurance Considerations regarding an Estate Plan
  • Irrevocable Life Insurance Trusts
  • Valuation of assets and gross estate
  • Gifting strategies to family members
  • Advanced family gifting strategies when family businesses are present
  • Charitable gifting strategies
  • Advanced charitable gifting strategies
  • Implications of residing in Community Property States
  • Business continuation and/or liquidation strategies