Thrivent Financial for Lutherans - Planning: Tools and Services

Planning: Tools & Services > Estate Strategies > Proper Planning

Proper Planning

Planning is the key to properly protecting your estate so you can successfully transfer your treasured assets to the most treasured people in your life.

Reasons you'll want to take time to plan:

Without proper planning, state and federal estate taxes in 2002, plus other expenses incurred at death may reduce the size of an estate by more than 50 percent. This, alone, should motivate you!
Leaving no documentation of your intentions could put the distribution of your estate under the control of state laws, possibly disregarding your wishes.
Carefully planning your estate today also can help with expenses you might face while you're still alive—such as disability or nursing home costs.
You can leave gifts of money or possessions to favorite charities, a church or individuals such as children or grandchildren.

No matter what your reasons for wanting to protect your estate, don't wait until it's too late. Failing to plan to protect your estate can be devastating—financially and emotionally—to you and your loved ones.

Planning to protect your estate isn't as complicated as it sounds. Your team of skilled professionals, including your financial representative with Thrivent Financial for Lutherans, attorney and tax adviser, can help make sure you cover all important areas and let you rest easy in the knowledge that your wishes are protected.

Ten common estate strategy mistakes

Failure to have a will and/or trust.
Assuming you don't need an estate strategy.
Failure to keep good records.
Leaving your entire estate to your spouse without considering the benefits of a trust.
Spouses putting all assets in joint name.
Assuming a will is the complete estate strategy.
Not considering use of the annual exclusion gifts.
Failure to consider the benefits of charitable planning.
Keeping life insurance in your taxable estate.
Failure to update your estate strategy periodically.

Now you know what the common mistakes are. How can you take steps to ensure you're not making any of them?

First, you need to know something about the important components of an estate strategy so you can start making informed decisions. Your financial representative with Thrivent Financial for Lutherans, working with a team of skilled professionals including your attorney and tax adviser, can help you—at any point—to make sure you're on the right track.

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