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Why Having a Master Strategy for All of Your Assets is a Good Idea

There are many strategies and tools used to protect your assets in estate planning. But having a “master strategy” for all of your assets is the best way to ensure that they are fully maximized for the benefit of you and your family.

Failing to have a master plan in place may lead to unwanted and costly issues that affect your loved ones after you’re gone. In some cases, courts must step in and decide how assets will be divided and distributed.

Your estate planning master strategy ensures that your wishes are carried out while protecting your assets from common issues that impact the value it provides to your beneficiaries.

Why Estate Planning Requires a Master Strategy

Your master strategy begins with your long-term objectives and priorities. The primary purpose of your estate plan is to define the ways in which your assets will be distributed during and after your life.

This applies to individuals who have different financial needs and circumstances. Individuals with large estates use master strategies to protect their assets.

Those with smaller estates can avoid potential costs that have a greater impact on their estate’s value.

But creating a master strategy for your estate plan requires you to consider many key factors. An experienced estate planning attorney can help you determine the best options for your needs.

When to Create Your Master Strategy

Some people attempt to create their estate planning strategies on their own. Although this can save them money in the short term, it can lead to unwanted issues down the line.

There are plenty of resources available online related to estate planning. But the abundance of information can also lead to confusion. Outdated or incorrect information can cause you to make the wrong decisions.

An estate planning professional will give you all of the resources you need to create your master strategy.

More importantly, the right estate planning attorney will have a network of related professionals who you’ll need to consult with when creating your master strategy. These include financial service professionals, CPAs, and trust officers among many others.

The need for a master strategy is greater for individuals who own businesses or have properties in multiple locations.

Health care needs for you and your family, a high-income tax bracket, and the lack of family members who are able to handle financial issues related to your assets makes a master strategy an essential part of planning for the future.

The Right Master Strategy for You and Your Assets

Your attorney will help you move forward along each step in the process when creating a master strategy. You’ll gather the necessary information early in order to make informed decisions that support your short- and long-term estate planning goals.

Probate, taxes, and liquidity are some of the factors you need to consider along the way. This will direct you to the strategies that can be used when creating a master strategy for your estate.

Taxes can reduce the value of your estate. These include income taxes, state death taxes, and transfer taxes.

The probate process can also require the payment of fees while delaying the distribution of your assets to beneficiaries. During the probate process, the courts must oversee the administration of your will and estate assets.

The liquidity of your estate determines how expenses that arise will be resolved. Non-liquid assets such as stocks and real estate may need to be sold in order to generate the finances needed to meet all of your debt obligations.

The right master strategy addresses these and other considerations. Having a master strategy in place provides asset protection for you and your family.

Identifying your goals and using the right legal resources makes the process of creating a master strategy more efficient. You’ll maximize the value of your estate and have the peace of mind in knowing that you’re leaving behind a valuable legacy for your loved ones.


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