Lylac Estate Planning
Estate planning solutions to protect your legacy and your wishes.
Available in all 50 states + Washington, D.C.
Comprehensive Wealth Management Includes Estate Planning
Protecting Your Legacy: A Key Pillar In A Comprehensive Wealth Management Plan
A comprehensive wealth management framework rests on four fundamental pillars that work in concert to protect and grow your assets:
1. Strategic Financial Planning: Data-driven analysis and modeling to optimize cash flow, tax efficiency, and wealth accumulation
2. Investment Architecture: Customized portfolio construction leveraging institutional-grade analytics to align with your specific risk parameters, time horizons, and wealth objectives
3. Risk Management & Asset Protection: Sophisticated insurance strategies and wealth preservation techniques backed by rigorous scenario analysis
4. Estate Planning: Frequently kicked down the road until it’s too late, the cornerstone of lasting wealth preservation lies in strategic estate planning. Clients who implement comprehensive estate strategies demonstrate a higher likelihood of successful wealth transfer and greater family satisfaction with inheritance outcomes.
Through the creation of sophisticated estate management protocols, we empower clients to:
- Maintain complete control over wealth distribution
- Implement tax-optimized transfer strategies
- Establish clear healthcare directives
- Deploy robust incapacity protection measures
- Create lasting philanthropic impact
Let our team of credentialed specialists help architect your legacy with the same precision and rigor we apply to investment management. We leverage decades of expertise to ensure your estate plan seamlessly integrates with your broader wealth strategy, providing measurable peace of mind for generations to come.
Understanding Estate Planning & Protecting What Matters Most
Key Facts to Know about Estate Planning
**The Truth About Who Needs Estate Planning**
You might think estate planning is just for “wealthy” people. Actually, everyone benefits from having a plan, regardless of how much they own. Without one, courts make decisions about your assets through a public process called probate. Here's what a good plan can do:
• Make sure your healthcare wishes are followed if you can't speak for yourself
• Let someone you trust handle your finances if you're unable to
• Provide for your loved ones if something unexpected happens
• Choose who will care for your children
• Set up smart ways to pass on money to children when they're ready to handle it
**Why Starting Early Makes Sense**
Estate planning isn't just for older adults - it's important to start at age 18. This ensures:
• Your family can get information about your medical care
• Loved ones can visit you in the hospital
• Someone you trust can help with money matters if needed
**What to Know About Wills and Probate**
Having a will is great, but there's more to know:
• A will usually goes through a public court process called probate
• Your personal financial matters become public knowledge for anyone to see (family, co-workers, scammers…and so on)
• There are other options, like trusts, that can help avoid probate
**What Happens Without a Plan**
If you don't have a will or trust:
• State laws decide who handles your money
• Courts choose who gets your assets
• Your family pays more in legal fees
• Everything takes longer to settle
• Your loved ones might receive less than you intended
**Keeping Your Plan Current**
Life changes, and your estate plan should too. Important times to update include:
• When you change your mind about who gets what
• Marriage or divorce
• New children or grandchildren (birth, adoption, blended families)
• Loss or incapacity of a family member
• Major money changes
• Moving to a new state
• Tax or estate/inheritance law changes
• Starting or selling a business
• Changes in your health
• Buying or selling property
• Getting new insurance
**Important Documents to Have**
Estate plans cover much more than simply property. A complete estate plan usually includes:
• Living Trust
• Trust Certificate
• General Transfer
• Financial Power of Attorney
• Advance Health Care Directive (Power of Attorney for Health Care)
• HIPPA (medical information) Releases
• Pour Over Will
• Property Agreement (for community property states)
• Business Assignments
• Property Deeds
Unique Concerns for Women & Estate Planning
Gender pay gaps still exist, and women remain more likely than men to take career breaks to raise children; these factors individually or combined can have a material long-term negative impact on wealth-building throughout a woman’s life.
Women are more likely than men to have custody of their children; and at the same time, as parents age, women are more likely to become their parents’ caregivers. In this instance, if the caregiver passes away, it creates a tough situation when children as well as elderly parents are left without a guardian to represent them and care for them.
Women’s life expectancy exceeds men’s life expectancy – and this can be problematic since in many instances, women do not have the same visibility and input into household finances as men do. These missing details can cause emotional and burdensome pain points when trying to right the financial ship after a spouse dies or in the event of a divorce.
Having awareness of these issues can help women plan and navigate more successfully. Along with working with a financial advisor, we suggest proactively maintaining the following:
- Detailed documentation of all financial accounts and obligations
- Clear designation of guardianship arrangements for dependents
- Regular review and updates of beneficiary designations
- Establishment of comprehensive powers of attorney
Biography
Lyle Schonberger | Private Wealth Manager
With 30 years of distinguished experience in investment research and portfolio management, Lyle brings exceptional depth to his role as a Private Wealth Manager. Most recently, he served as Head of Investment Research and Due Diligence at Ameriprise Financial, where he was also one of seven senior leaders steering the firm's Wealth Management division.
Lyle's investment acumen was recognized early in his career at H&R Block Financial Advisors, where he ranked 3rd nationally among 39 analysts in the 1998 Zacks/Wall Street Journal All-star analyst competition. His strategic vision led to the creation of innovative macro research and asset allocation teams, ultimately managing model portfolios exceeding $21B in client assets.
At Ameriprise, Lyle architected a comprehensive research organization spanning multiple states and continents, growing the team to nearly 50 professionals. He expanded the firm's capabilities across fixed income research, asset allocation, manager research, product due diligence, and retirement income strategies.
As lead portfolio manager, he personally guided two of the firm's largest equity income-oriented model portfolios. Under his leadership, the department produced over 2,000 proprietary research publications annually while maintaining strategic partnerships across the organization.
Lyle's investment philosophy is anchored in independence and objectivity. His commitment to serving in a fiduciary capacity ensures that clients' best interests drive every decision in his role as a Private Wealth Manager.
He holds a dual MBA degree in Finance and International Business from Drexel University and a BA in Business from Austin College. His extensive credentials include Series 7, 16, 24, 31, 63, 65, 86, and 87 securities licenses, along with MI life insurance and variable products licensure. Continuing education coursework includes Blockchain in Business: Beyond the Hype, 2021, at Columbia University, and the SIFMA/Wharton School of Business Securities Industry Institute, 2017-2019.
Call/Text: 248-291-7494
Email: lyle@lylacestate.com
www.linkedin.com/in/lyleschonberger
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On a personal note...
Beyond their wealth management expertise, Lyle and his wife, Alicia, share a life in Birmingham, Michigan, where they've made their home since their marriage in 2019. Their family includes Lyle's son Andrew, who is pursuing a finance degree at Northeastern University, continuing the family's passion for financial stewardship. They share their home with two cherished dogs: Elsie Mae, a purebred beagle, and Roscoe, a rescued hound whose gentle spirit captured their hearts.
Away from the office, Alicia channels her detail-oriented nature into organic gardening, while Lyle's intellectual curiosity drives him to explore diverse literary genres, from classic literature and spy thrillers to the latest in market analysis and investment strategy.