What is estate planning?
Estate planning is the accumulation, preservation, and distribution of your assets. A good estate plan should reduce tax liability. It should protect assets from creditors. It should promote financial well being and security. It should leave a legacy for those you love. In other words, it should serve to Preserve, Protect and Promote.
Who Needs an Estate Plan?
Every adult 18 years of age and older who has a bank account, a home, a retirement account or other assets should review the need for an estate plan with a qualified attorney. The type and complexity of the estate plan may vary greatly depending on factors such as the value of the estate, types of assets held, marital and family issues, age and other factors, but almost every adult needs some level of planning.
How will I benefit from an Estate Plan?
Your family and loved ones will benefit from the tax savings, convenience and asset protection your Estate Plan will provide. The greatest benefit to you is the peace of mind knowing that you have provided for your family.
When should I start my Estate Plan?
A friend of our law firm who provided technical support services to us over the years would often stick his head in my office and say, “I need to come in and see you so you can help me with a Trust.” I would tell him, “I would be happy to help you any time you are ready.”
One day he said to me, “I am leaving on vacation with my wife, but when I return we are going to come see you for a Trust.” “I will look forward to it,” I replied.
Unfortunately, the couple was killed in a head-on collision with a drunk driver while returning from that vacation. The family was completely unprepared for this event, and they went through a great deal of unnecessary expense, stress and turmoil as a result. We, unfortunately, do not usually know when it is our time to go. We just know that eventually the time will come, and it is critical that we be prepared when it does. The time to start working on an Estate Plan is now.
How do I get started?
Getting started is easy. Our law firm offers a free 30 minute consultation to determine what type of estate plan is best for your individual needs. In that consultation, we will explain the advantages and disadvantages of different estate planning techniques. We will also tell you in advance what fees are involved in setting up the various types of estate plans so you can create a plan that meets your budget. We can also help work out a convenient payment plan to assist you in accomplishing this important task.
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