Great Western Wealth Management can assist you in planning for your future, protecting your family, and helping you pass on your wealth according to your wishes. Our expert Wealth Advisors can help you build a strong financial plan in the following areas:
Estate Planning is the process of identifying and creating a well-executed plan that goes into place now, ensuring you and your loved ones will have peace of mind. This process is for anyone owning an asset they wish to give or transfer after their death.
Great Western Wealth Management can assist you by:
- Identifying your assets,
- Informing you of various options for efficiently transferring your assets and wealth,
- Focusing on your financial goals and how to protect your assets,
- Designing strategies to minimize taxes and legal expenses, and
- Reviewing legal documents to accomplish your wishes.
Revocable Trusts are created during the lifetime of the grantor and can be amended, modified or revoked entirely. Often called a Living Trust, these are trusts in which the grantor reserves the right to make transfers or withdrawals of assets to the trust during his or her lifetime.
A Revocable Trust assists in avoiding probate. Assets owned by a Revocable Trust at the time of the grantor’s death will not be subject to probate. Great Western Wealth Management can serve as a trustee or successor trustee for your Revocable Trust.
An Irrevocable Trust cannot be amended, modified or revoked after its creation. Often times, a trust is revocable during the life of the grantor and then becomes irrevocable upon death. Great Western Wealth Management can serve as trustee for your Irrevocable Trust.
Great Western Bank has been a South Dakota Chartered Bank for more than 80 years which allows Wealth Management to offer Dynasty Trust services across our footprint.
Estate and Trust Administration
Great Western Wealth Management is ready to assist your family during the stressful period of incapacitation or death of a loved one. Important decisions must be made, sometimes quickly, and we can help your beneficiaries receive expert personal attention throughout the entire estate and/or trust administration.
Our Wealth Advisors will be the primary contact for beneficiaries, attorneys, and other parties involved. We assume all the responsibilities that come with administering an estate and/or trust:
- Tax-efficient solutions for all types of estates and/or trusts
- Facilitate family meetings
- Filing of life and health insurance claims
- Assist with retirement plan distributions
- Asset identification, collection, valuation, and management
- Paying debts, expenses, and taxes
- Account and asset administration
- Claims processing
- Preparing estate and income tax returns
- Distribution of estate property according to Will and/or Trust
Trustee and Personal Representative
As you discuss your estate planning options, it is important to carefully consider who you appoint to act on your behalf in the following situations:
Great Western Wealth Management serves as Personal Representative for a Will and as a Trustee or a Successor Trustee for a Trust. Our skilled professionals handle estates and trusts on a daily basis and receive continuous education on federal and state law changes as well as tax implications and guidelines.