The 9 Essentials Every Thoughtful Estate Plan Should Include
The Unfinished Plan
David and Michelle are in their early 50’s, juggling successful careers, two teenagers, and aging parents who are starting to need more care. Like many, they meant to revisit their estate plan, but life got in the way. Their will is nearly a decade old. Their home is titled only in Michelle’s name. And their IRA beneficiaries haven’t been reviewed since David switched jobs.
They know planning is important. But between work and family, it’s hard to make the time.
Then imagine a sudden accident. Would Michelle be able to access David’s accounts or make medical decisions? Would their kids be placed with the right guardians? Without updated documents, their family could be left in legal limbo during one of the most difficult times.
What Is Estate Planning Really About?
Estate planning isn’t just for the wealthy. It’s for anyone who wants to protect the people they love and leave behind clarity instead of chaos. It involves deciding who will manage your assets, how they’ll be distributed, and who will make decisions if you can’t.
More than anything, it’s an act of care.
Understand Probate and How to Avoid It
Probate is a public, court-supervised process for settling estates. It can be expensive and slow. Tools like revocable trusts, joint account titling, and beneficiary designations can reduce or eliminate the need for probate.
Create or Update Your Will
Your will names guardians for minor children and explains how you want your assets distributed. While it doesn’t avoid probate, it gives clear instructions and can help reduce family conflict.
Check Your Beneficiaries and Account Titles
IRAs, 401(k)s, insurance policies, and even bank accounts can have named beneficiaries or be set up as transfer-on-death (TOD). Review these regularly—especially after marriage, divorce, or the birth of a child.
Gatewood Guidance: These designations often override your will. We help ensure your titling and beneficiaries reflect your current wishes.
Consider a Revocable Living Trust
A living trust can help manage assets during life and transfer them privately after death, avoiding probate. It’s ideal for blended families, out-of-state property, or complex estates.
Establish Powers of Attorney and Healthcare Directives
Appoint someone you trust to make financial and medical decisions if you’re incapacitated. Documents include:
Durable Power of Attorney (for finances)
Healthcare Power of Attorney
Living Will (end-of-life preferences)
Don’t forget your family: If you have aging parents or unmarried adult children, help them get these documents in place. Without them, you may not have legal authority in an emergency.
Have the Conversation
Talking about your estate plan with family can feel awkward. But it’s one of the most valuable things you can do. It sets expectations, reduces conflict, and ensures your intentions are understood.
Tips for a Better Conversation:
Start with your values, not your valuables
Choose a relaxed setting
Be open and invite questions
Gatewood Wisdom: A well-prepared family is the best legacy you can leave.
Be Strategic About Taxes
Smart estate planning can help reduce taxes and preserve wealth:
Step-Up in Basis: Appreciated assets get a new cost basis when inherited, which may reduce capital gains taxes.
Inherited IRAs: Understand the 10-year withdrawal rule under the SECURE Act.
Charitable Giving: QCDs, donor-advised funds, and gifting appreciated assets can all help.
We collaborate with your CPA and estate attorney to build an integrated, tax-efficient strategy.
Keep It Current
Review your plan every three years or when life changes. New job? Move? Grandchild born? These events should prompt an update.
Get Organized
David & Michelle’s Confidence & Relief
Six months later, David and Michelle are finally caught up. Their wills are updated. A trust is in place. Healthcare documents signed. Guardians named. They’ve even had heartfelt conversations with their kids.
They feel confident and relieved. They know their family is protected, their wishes documented, and their legacy secured.
Let’s Start the Conversation
You’ve worked hard, made thoughtful decisions, and provided for the people you love. But when it comes to estate planning, even the most successful families can feel uncertain or overwhelmed.
At Gatewood Wealth Solutions, we believe estate planning isn’t just about documents—it’s about honoring your life, your values, and the people who matter most. Whether you’re starting fresh or updating an old plan, we walk beside you—coordinating with your attorney and tax team to bring everything into alignment.
It’s not just about avoiding problems. It’s about creating clarity, reducing burdens, and knowing your family will be cared for the way you intend.
Let’s build something lasting—together.
Reach out today to schedule your estate planning conversation.
Important Disclosures:
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor
Strategizing for Success: The Parallels Between Estate Planning and a Super Bowl Game Plan
Just as a winning team meticulously plans its Super Bowl plays, individuals and families may benefit from developing a comprehensive plan for their estate. Estate planning isn’t just for the wealthy. Estate planning is a strategic move for everyone to use that helps to see your wishes honored, your assets managed, and your loved ones taken care of. Here are a few benefits of having a well-thought-out game plan for your estate.
Define Your Goals
Just as a football team sets its sights on the Super Bowl trophy, individuals need to define goals for their estates. Whether preserving wealth, providing for family members, or supporting charitable causes, having a clear set of goals helps guide the process and lets you focus on your ultimate goals.
Manage Your Assets
In football, defensive plays try to prevent the opposing team from scoring. An estate plan also acts as a defense, managing your assets to avoid undesirable issues such as excessive taxation, attacks by creditors, and lawsuits. You could safeguard your wealth for future generations through mechanisms like trusts and strategic gifting.
Ensure a Smooth Transition
A well-executed game plan ensures smooth transitions between plays and helps your team adapt to unforeseen challenges. Likewise, an estate plan facilitates a seamless transition of assets to heirs, manages confusion, and lowers the risk of any potential disputes down the line. Having clearly outlined instructions on asset distribution, beneficiaries, and contingency plans could help you and your loved ones navigate any unexpected life events.
Quarterback Your Legacy
In football, the quarterback is the leader on the field, directing plays and making split-second decisions. Likewise, you can act as the quarterback of your estate plan, making critical decisions on important items such as a power of attorney, healthcare directives, and guardianship for minor children. Taking charge now is an opportunity to see your legacy unfold according to your vision.
Use Special Teams
In football, special teams play a targeted role in handling kickoffs, punts, and field goals. In estate planning, specialized tools like life insurance, charitable trusts, and family limited partnerships act as the “special teams,” providing additional avenues to help you work toward your financial goals.
Adapt to Changing Conditions
Just as a football team adjusts its strategy based on the game’s dynamics, an effective estate plan should be adaptable. Regular reviews and updates determine if your plan reflects changes in laws, family circumstances, and financial goals while allowing flexibility.
Avoid the Two-Minute Warning
In football, the two-minute warning signals the game’s imminent end, and teams must act quickly. Similarly, you shouldn’t wait until the last minute to create an estate plan. Procrastination may lead to missed opportunities and added stress for loved ones. Planning ahead can help put you more in control.
From defining goals and managing assets to quarterbacking your legacy, the parallels between a winning game plan and an effective estate plan couldn’t be clearer. By recognizing the importance of early and thoughtful planning, you could work to manage your financial future and your loved ones’ future and leave a lasting legacy that may even rival the triumph of a Super Bowl victory.
Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
"Our relationship with Gatewood Wealth Solutions has evolved over the years right along with our family. From building and protecting our wealth to retirement and estate planning, Gatewood has guided us and enabled our objectives. It’s assuring to know skilled professionals we trust are working with us to optimize what we have worked for all our lives. "
"My wife and I have had the benefit of working with John Gatewood for over thirty-five years. Initially, John worked with us planning our personal and business life insurance needs. As his service offerings expanded, we took advantage of his expertise to help us with our family's financial planning. We could not be more pleased than what we are with the plan the Gatewood Wealth Solutions team developed for us. The team members are well-trained, intelligent, friendly, enthusiastic, and very good listeners. We have two scheduled reviews of the plan every year with one of the principals and at least…"
"My wife and I have known and worked with John Gatewood and his team for nearly a decade. The values-driven team of Gatewood Wealth Solutions is motivated, caring, highly competent and personally fueled by character and integrity. I recommended Gatewood to friends and family - including my children - because their deep desire to help clients 'give purpose to their wealth' gives us all the opportunity to better serve our families and communities."
"Navigating the complexities of my corporate life was already a challenge, but when my husband passed away, it felt like an insurmountable mountain of emotions and paperwork. The team at Gatewood Wealth Solutions stepped in with compassion, efficiency, and expertise, guiding me through the entire estate settlement process. Their unwavering support made a world of difference during such a challenging time. I am profoundly grateful for all they've done and continue to do for me. Their services are truly unparalleled, and I wholeheartedly trust and recommend them."
"My wife and I became a client of Gatewood Wealth Solutions twelve years ago on the recommendation of a friend who was also a Gatewood client, and I am very glad that we did. Until that time, I had managed our 401(k) and investments, but with retirement on the horizon, we felt it important to get professional help for retirement planning and investment management. The Gatewood team developed an integrated financial and retirement plan that we refined together. It was based on information such as our current financial position, desired retirement date and lifestyle, anticipated job and retirement income, expenses,…"
"I have worked with Gatewood Wealth Solutions since its inception and could not speak more highly of my experience. Gatewood Wealth Solutions provides comprehensive wealth management services for my family in a very sophisticated way. Their planning services are comprehensive and consider all assets of our family, not just what they manage. This is important for our family since we have a real estate business which must be considered in our planning. They also help us with our estate and tax planning each year. Their service is exceptional and is proactive and not reactive. I have referred members of my…"
"I’ve been with Gatewood Wealth Solutions and its predecessor for 21 years as our financial advisors. I first met John Gatewood in 2002 when I purchased a life insurance policy from him when he was with Northwestern Mutual. Shortly after having additional discussions with John, we started using them as our only financial advisors. They continued over the years to more than perform above my expectations and also started to bring in additional talent within their organization in order expand and meet client’s expectations. Since they’ve organized as Gatewood Wealth Solution and separated from Northwestern Mutual, they’ve continued to add…"
"I have been with Gatewood Wealth Solution for seven years, and I would highly recommend them for wealth management services. They are a very efficient, effective, knowledgeable team that provides highly personalized, client-centered services. If I didn't know better, I would think that I am their only client! They have an excellent working relationship with a highly respected law firm that provides assistance with trusts and estate planning. They also have an excellent working relationship with a tax accounting firm. All of this so that all aspects of my financial planning needs are seamlessly coordinated. Their quarterly meetings are well…"
"Partnering with Gatewood Wealth Solutions has been one of the best decisions we have made in the last five years. I have met with numerous financial planners who’ve all come to me with similar ideas and recommendations that don’t seem to prove that they are thinking outside the box for me individually. But when Gatewood came to me with their plan it was strategically designed with so many aspects taken into consideration that I was surprised at how uniquely competent and professional they were. They brought me many ideas and recommendations that would not bring them profit. They brought me…"
"Gatewood Wealth Solutions gives me confidence that my retirement savings are being monitored and managed with MY best interest in mind. All of the staff is welcoming, friendly and respectful. They have comprehensive knowledge of long-term financial planning, estate planning and tax planning. I have been with Gatewood for many years and hope to be with them for many more years to come."
"I have known John Gatewood, the founder of Gatewood Wealth Solutions, for many years. We became friends well before we talked about business, and it was a natural decision to turn to John for help with our affairs when I needed it because I had grown to know and trust him. It really is true that John and his team at Gatewood Wealth Solutions are completely focused on helping ordinary families like ours to become financially independent. The family part especially means something: One day my 20-something son called to ask if I thought our group would be willing to…"
The statements provided are testimonials by clients of the financial professional. The clients listed have not been paid or received any other compensation for making these statements. As a result, the client does not receive any material incentives or benefits for providing the testimonial. These views may not be representative of the views of other clients and are not indicative of future performance or success.
