Estate Planning & Legacy Solutions

Preserving Your Wealth for Generations

Your financial legacy is more than just assets; it’s a reflection of your life’s work, your values, and your enduring love for your family and community. At Westside Retirement & Financial Services, we understand that thoughtful “Estate Planning” is a profound act of care, ensuring your wishes are honored, your assets are protected, and your loved ones are provided for, long after you’re gone. We specialize in helping individuals, families, and business owners craft comprehensive “Estate Planning & Legacy Solutions,” leveraging powerful financial tools like life insurance and annuities to minimize complications, reduce taxes, and ensure your wealth seamlessly transfers to the next generation. Our mission is to provide you with the clarity and confidence that comes from a meticulously structured plan, preserving your wealth for generations to come.

The Foundational Importance of Strategic Estate Planning
Estate planning is the strategic process of arranging for the management and disposal of your estate upon your death or incapacitation. Without a well-structured plan, your estate could face unnecessary taxes, lengthy and public probate processes, and potential disputes among family members – outcomes that can erode the wealth you intended for your heirs and cause additional stress during an already difficult time. Our approach to estate planning is holistic and personalized. We work with you to understand your family dynamics, your financial assets, your philanthropic interests, and your specific concerns. Whether your primary goal is to ensure your children are financially secure, to leave a meaningful inheritance for grandchildren, or to provide liquidity for your business, we help you put a robust plan in place.

Leveraging Life Insurance for Seamless Wealth Transfer
“Life Insurance” is an incredibly versatile and powerful tool in “Estate Planning.” It provides a tax-free lump sum payment (the death benefit) to your designated beneficiaries, offering significant advantages for your legacy:

• Providing Liquidity for Estate Expenses: Even modest estates can face costs like probate fees, legal expenses, and, for larger estates, estate taxes. Life insurance provides immediate, tax-free funds that can cover these expenses, preventing the forced sale of valuable assets (like a family home or business) that you intended to pass down intact. This applies to “Term Insurance,” “Whole Life Insurance,” and “Universal Life Insurance” (including “IUL” / “Index Universal Life” or “7702” plans) – each offering different structures suitable for legacy planning.
• Equalizing Inheritances: If you own non-liquid assets like a family business or real estate that cannot be easily divided, life insurance can be used to “equalize” inheritances among heirs. For example, one child might inherit the business, while another receives a life insurance payout of equal value, ensuring fairness without forcing the sale of the business.
• Funding Trusts: For more sophisticated estate planning, life insurance can be held within a trust (such as an Irrevocable Life Insurance Trust or ILIT) to remove the proceeds from your taxable estate, allowing the death benefit to pass to your beneficiaries entirely free of estate taxes. This also provides ongoing control over how and when funds are distributed.
• Charitable Giving: Life insurance can be an efficient way to make a substantial charitable donation, often larger than you might otherwise be able to afford, while potentially receiving tax benefits.
• Final Expense Insurance: Specifically designed to cover end-of-life costs, “Final Expense Insurance” ensures your loved ones are not burdened with funeral expenses and other immediate financial obligations during a time of grief. “Guaranteed Issue” options are often available for those with health challenges who may not qualify for traditional life insurance.

As a representative, Gregory Doomanis can offer solutions from reputable providers like National Life Insurance, which is known for its strong life insurance and annuity offerings that support comprehensive estate planning.

Annuities: Efficient Wealth Transfer for Retirement Savings
“Annuities,” while primary for retirement income, also play a significant role in wealth transfer, particularly for consolidating and passing on retirement savings.

• Bypassing Probate: A major advantage of annuities for wealth transfer is their ability to bypass probate. By designating beneficiaries directly on the annuity contract, the funds can be transferred efficiently and privately to your heirs upon your death, often much faster than assets processed through a will.
• Tax Efficiency for Heirs: We help you understand the rules for inherited annuities and retirement accounts (including those from “401k Rollovers” and IRA Rollovers), ensuring your beneficiaries receive these assets in the most tax-efficient manner possible.

Business Succession Planning: Buy Sell Agreements & Key Man Insurance
For business owners, estate planning extends to business succession. We integrate specific strategies to ensure your enterprise thrives beyond your involvement.

• Buy Sell Agreements: We help structure “Buy Sell Agreements” for businesses with multiple owners, using insurance to fund the purchase of a departing owner’s share upon death, disability, or retirement. This ensures a smooth and orderly transfer of ownership, protecting the business’s future and providing liquidity to the departing owner’s family.
• Key Man Insurance: As discussed in Service Area 4, “Key Man Insurance” provides vital funds to the business upon the loss of a critical individual, protecting operations and value, which ultimately preserves the business as an asset for your estate.

The Role of Living Benefits & Long Term Care
Modern financial planning also considers how life insurance can help during your lifetime to protect your estate. “Living Benefits” on life insurance policies allow access to funds in the event of a critical, chronic, or terminal illness, preventing the depletion of other assets that you intended for your heirs. Similarly, “Long Term Care Insurance” (also discussed in Service Area 2) is crucial for protecting your wealth from the potentially devastating costs of extended care, ensuring your estate is preserved rather than consumed by healthcare expenses.

Why Choose Westside Retirement & Financial Services for Estate Planning?
Crafting a solid estate plan is a gift of peace of mind to yourself and your loved ones. With Gregory Doomanis, you receive:

• Compassionate & Personal Approach: We discuss sensitive topics with empathy, ensuring your comfort and understanding.
• Strategic Use of Financial Tools: We demonstrate how life insurance, annuities, and business protection tools are powerful, tax-efficient instruments in your estate plan.
• Clarity on Complex Rules: We simplify the complexities of beneficiary designations, wealth transfer, and succession planning.
• Integrated Solutions: We help you align your financial products with your legal estate documents for a cohesive and effective plan.
• Long-Term Partnership: We’re here for ongoing reviews, ensuring your estate plan remains relevant and robust as your life circumstances change.

Let Westside Retirement & Financial Services help you secure your family’s financial future and define your lasting legacy. Contact Gregory Doomanis today for a thoughtful conversation about protecting what you’ve built and ensuring your wishes are honored.