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Protect your beneficiaries through
estate planning

September 3, 2015 – By Kathy Mueller, CLU, ChFC, FIC, LUTCF, Insurance Advisor, Wisconsin Medical Society Insurance & Financial Services, Inc.

When given a choice, most people prefer to transfer their entire estate to their loved ones or favorite charities. Many people, however, do not put their wishes in writing through an estate plan, so part of their wealth never reaches the intended beneficiaries.

Estate planning is the process of designating to whom, when and how one’s wealth is transferred with the least possible financial and emotional cost. This process also takes into account many other issues, including care of minor children, dependents with special needs, charitable interests, living wills and health care power of attorney.

Without an estate plan, a large portion of one’s estate could unnecessarily be lost due to administrative expenses, fees, taxes (which could be as much as 50 percent of the estate), and the expense and time involved with probate court.

Because of its commitment to physicians throughout the state, Wisconsin Medical Society Insurance & Financial Services, Inc. is offering a free estate planning workshop in Brookfield on Sept. 10 in partnership with Angermeier & Rogers, LLP. The workshop will provide a great opportunity for Society members and your loved ones to learn more about estate planning and how it can benefit you and your estate.

Estate planning is a very personal exercise. It begins with identifying and valuing your assets, determining the beneficiaries, and deciding when and how they will receive the assets from the estate. An estate plan can help avoid probate court, reduce the accounting and administration required of a probated estate, and ensure privacy.

The workshop will be held at Louise’s in Brookfield (275 Regency Court). The session begins with dinner at 6 p.m., and seating is limited. Please call 608.442.3718 or e-mail Erin Wilichowski to reserve a spot for Sept. 10.

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