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William Collins - Estate Planning Services for Michigan Clients

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William Collins - Estate Planning Services for Michigan Clients

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William Collins is a longtime Troy, Michigan, financial executive who provides wealth management and estate planning services at Horizon Advisers. Active in his industry for nearly three decades, William Collins emphasizes client service at the highest level and strives to build trust over time. He has an in-depth knowledge of strategies involving fixed-term and variable life insurance plans, and excels at helping clients comfortably meet their retirement goals.

Mr. Collins joined AG Edwards in the mid-1990s and spent 14 years with the firm, delivering solutions related to tax and estate planning. His consistent results earned him Presidents Club and Chairman Council recognition. From 2010 to 2023, he was a financial planner with Wells Fargo Advisor, where he excelled at building wealth for a select clientele.

Mr. Collins has attained Series 65, Series 63, and Series 7 registrations, and holds a finance degree earned at Central Michigan University. Active with the Red Run Golf Club for two decades, he enjoys a day out on the links in his free time. He is also a boating and travel enthusiast.

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​Estate planning focuses on asset distribution after death. As individuals approach retirement, it's crucial to integrate estate planning with their retirement planning. Both estate and retirement planning processes aim to provide financial security and the well-being of loved ones, though they serve distinct purposes.

First, it is essential to distinguish between the two. The key components of estate planning include wills, trusts, powers of attorney, and living Wills. On the other hand, retirement planning involves savings, investments, income planning, and healthcare planning.

Now, integrating estate and retirement planning offers numerous benefits. One is that it provides a holistic financial strategy or a unified plan that ensures the financial goals during retirement align with long-term objectives for asset distribution. Besides, coordinated planning can minimize retirement income and estate transfer tax liabilities. Other benefits include ensuring there is continuity in matters related to healthcare preferences and financial management in case of incapacitation.

Integrating estate planning with retirement plans, however, is challenging. It calls for an individual to evaluate their financial situation, which involves assessing current assets, liabilities, income, and expenses. Individuals should also be able to determine their retirement needs and compare them to projected retirement savings. Another helpful step is defining retirement goals, such as lifestyle goals, and whether there are plans to travel or relocate. It is also vital to clarify estate planning goals that establish how to distribute assets and support charitable causes.

Estate planning also involves updating wills and trusts to ensure they are up-to-date and reflect current wishes. It is advisable to consider setting up a revocable living trust to manage assets when one is alive and their distribution after death, which can help avoid probate. It is essential to designate beneficiaries for retirement accounts, which should be regularly reviewed, especially after significant life events like childbirth, marriage, or divorce.

Planning for incapacitation by establishing a durable power of attorney to help with financial matters and a healthcare power of attorney is also crucial. This is done by creating a living will to specify medical treatment preferences in case of incapacitation. It also involves evaluating the potential need for long-term care and exploring insurance options. Long-term care insurance can protect individual retirement savings and provide care funds, reducing the estate's financial burden.

It is also wise to optimize tax strategies by hiring a financial advisor and an estate planning attorney to develop a tax-efficient strategy. This may include Roth conversions, charitable giving strategies, and the scheduling of withdrawals from retirement accounts to minimize taxes. It is important to frequently review and adjust previous plans to reflect changes in the current financial situation, tax laws, and personal circumstances. A financial advisor and estate planning attorney will help conduct annual reviews to ensure all plans align with retirement goals.

When integrating estate and retirement planning, it is wise to avoid common mistakes. Failing to update beneficiary designations regularly may lead to unintended asset distribution. Not considering the tax impact on retirement withdrawals and estate transfers can result in significant tax liabilities. Underestimating long-term care expenses can deplete retirement savings and affect the estate, and not discussing plans with family can lead to misunderstandings and conflicts.

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​Estate planning focuses on asset distribution after death. As individuals approach retirement, it's crucial to integrate estate planning with their retirement planning. Both estate and retirement...

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