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PLANNING FOR YOUR FINANCIAL FUTURE

With First Midwest Financial Network’s strategies and powerful resources, we can help your plan stay on track.

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FIRST MIDWEST FINANCIAL NETWORK – FINANCIAL PLANNING AND ADVICE

The process begins with you. Together with your First Midwest Financial Network consultant1, we’ll develop a personalized and comprehensive financial analysis. We’ll uncover your short- and long-term objectives, analyze and evaluate your current financial condition, and recommend strategies that support your individual goals for:

  • Investment Management
  • Insurance
  • Retirement Planning
  • Education Planning
  • Job Transition Planning

But the process doesn’t end there. Your Financial Consultant will continue to work side by side with you, providing local knowledge and personal service. With First Midwest Financial Network’s powerful resources and strategies, we can help your financial plan stay on track.

Leaving a Legacy

Leave your financial legacy to family, not to chance

Acting as your personal advocate, your Financial Consultant has the experience to objectively guide you through the intricacies of wealth transfer. Your Financial Consultant can work with your legal and tax advisors to help you:

  • Ensure your assets stay intact and pass on to your chosen beneficiaries
  • Enhance what you leave to your children and grandchildren
  • Transfer wealth without sacrificing your current income
  • Manage the tax burden for your beneficiaries2
  • Assist in charitable giving

First Midwest Financial Network is an organization of professionals that places your interests above their own. With the help of your Financial Consultant, you can confidently structure a comprehensive financial plan that leaves a legacy to those you love.

Importance of Estate Planning

The definition of an estate in the simplest terms is the sum of the things you own: your home and any other property, your vehicles, your bank accounts, investments, life insurance policies and retirement benefits, and perhaps your business. In other words, you don’t have to be wealthy to leave an estate when you die — it’s something everyone has. A will and other estate planning documents will simplify the settlement of your estate after your death, carrying out your wishes and perhaps saving on estate taxes2.

It’s important to review your estate planning documents periodically, especially when you have experienced  life changes such as economic circumstances, or when tax laws change. Make sure the beneficiaries of your retirement savings plan and life insurance policies are current as well, as errors in beneficiary designations can lead to a myriad of problems, delays, and unnecessary expenses and taxes.

Don’t Put Off Writing a Will

We’d all like to feel that we have plenty of time to draft a will. But the truth is no one ever really knows how much time they have, and if you have minor children it’s imperative that you not leave their future to the courts to decide. Here are just a few things you’ll want to consider:

  • People who die without a will leave all decisions regarding distribution of their property up to the laws in their state of residence — whether this is appropriate for their family’s situation or not. Estate settlement costs will be greater because a court-appointed administrator must be appointed. A will can cost as little as $50 to $100 to prepare, so don’t let cost be your excuse for putting it off.
  • A family member does not have to be named as executor of your estate. A professional fiduciary, such as a bank trust department, can serve as executor.
  • Avoid conflicts in titling of assets. If family relationships are complicated due to remarriage or other issues, or you have a complex estate, an attorney can help you avoid making titling errors.2
  • Make sure the individuals you’ve chosen as executor or guardian have agreed to serve and are fully aware of their responsibilities.
Gifts and Inheritances

You need to be aware of many rules when planning financial gifts and inheritances. Your First Midwest Financial Consultant is here to help you with all your estate planning needs, but following are some basic things you should know:

  • An individual may gift an amount of money up to the annual gift tax exclusion amount, to an unlimited number of recipients each year, without any gift tax consequences. These gifts may be used to decrease the donor’s taxable estate.2
  • Unlimited amounts of money can be given to a spouse, or directly to a school or medical facility for an individuals’s tuition or healthcare.
  • When making gifts, be careful not to leave yourself short of income-producing assets to sustain your lifestyle.
  • Communicate openly with heirs about intentions to leave an inheritance. It is often easier for parents to bring up the subject than for adult children to ask and risk appearing greedy.
  • Arrangements for the distribution of untitled personal property upon your death (for items like furniture, dishes, collections and jewelry), can be handled in several ways, including memoranda attached to a will, specific lists given to the executor, or gifts made during a person’s lifetime.
  • The important thing is attending to this division of property as part of your overall planning in order to avoid conflict between those left behind.
  • Seek professional assistance for high net worth estates or complicated asset transfers.
Planning for Estate Taxes2

Estate taxes are imposed on the transfer of assets from one person to another upon the donor’s death. The current federal exemption is high enough that, for most Americans, there is no federal estate tax liability for assets transferred upon their death. State estate taxes, however, are another matter, as many states have exemptions on non-spousal transfers as low as $675,000. There are a number of strategies that can be used to reduce a taxable estate, including lifetime gifts, transferring assets between spouses, and bypass trusts. High-asset households in particular should seek professional advice.

Call us at 800-241-1749 to learn how First Midwest can help with all your estate planning needs. We’ll help you structure a solid financial legacy to give you and your family ultimate peace of mind.

FINRA’S BROKERCHECK

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Meet Our Financial Consultants

A First Midwest Financial Network Consultant1 will work with you to build a relationship that lasts a lifetime. We'll help you plan realistic financial goals and create a custom, individualized strategy designed to help you pursue your hopes and dreams.

Whether you are looking to establish a new financial plan or enhance your current plan, your Financial Consultant is here to help you pursue your financial goals.

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MARKET INSIGHTS

As part of First Midwest Financial Network’s commitment to financial education, we offer our clients regularly updated financial research and analysis reports.

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A PARTNERSHIP WITH MOMENTUM

Work hand-in-hand with a Financial Consultant to help prioritize your short- and long-term needs and pursue a financial plan for the future.

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1 Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates.  First Midwest Bank and First Midwest Financial Network are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using First Midwest Financial Network, and may also be employees of First Midwest Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, First Midwest Bank or First Midwest Financial Network. Securities and insurance offered through LPL or its affiliates are:

Not Insured by FDIC or Any Other Government Agency Not Bank Guaranteed Not Bank Deposits or Obligations May Lose Value

2 This material has been provided for general informational purposes only and is not intended to be a substitute for specific individualized tax or legal advice. Neither LPL Financial, nor its registered representatives, offer tax or legal advice. Federal tax laws are complex and subject to change. We recommend you consult with your own tax or legal counsel for advice regarding your specific situation.

The site is designed for U.S. residents only, and the services offered within this site are available exclusively through our U.S. registered representatives. LPL Financial U.S. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.