Right on the Money host, Dennis Mattern, discusses estate planning as part of an overall retirement income strategy with Tommy Mai, president of Tommy Mai Financial, located in Westminster, California.
Estate planning is the preparation and the process to prepare to pass everything you own on to the next generation. It can seem like a daunting process to many, so where do you begin?
With Tommy Mai Financial’s approach to estate planning is similar in nature to their business model of giving clients and new-comers the best customer experience possible. So when a client goes into Mai’s office, they ensure the client has an estate plan in place before they continue to tax planning or even retirement planning. They are sticking to their philosophy by making sure not only the client is taken care of, but their family as well.
Mai said, “With an estate plan in place, what [we’re doing] is we are providing future protection not only for the clients, but for the children. Everything [the client] owns, all the assets that they have [accumulated], will be passed on to the next generation at a maximum value.”
The alternative, if a client does not have an estate plan, is after the client passes away, then all the assets will be probated. Probate is the legal process of transferring property upon a person’s death. When someone goes through the probate process, it could be costly, and it sometimes takes a lot of time to finalize a settlement. It is also public, allowing no privacy for the deceased or their family.
Mai explains with the estate planning process, there tends to be at least three different types of professionals that someone would work with: an attorney, a tax planner and a retirement income planner.
Tommy Mai Financial provides an in-house attorney who specializes in living trusts, making the documentation process as stream-lined as can be. They also have a team of associates that can handle the tax planning and retirement income planning portion of an estate plan.
“We work together to provide a comprehensive plan to protect the clients from any future contingency that arises,” Mai says.
Consistent with the rest of his practice, Tommy Mai’s approach to estate planning is comprehensive and thorough. His team is able to create an entire strategy within their office, proving their mission of providing excellent customer service to their clients by making the procedure as efficient as possible.
Know every aspect of your estate plan. Learn more about estate planning with Tommy Mai at Tommy Mai Financial and how he could help you with your estate plan as part of your retirement income strategy.
Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
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