We have seen a report which suggested that young people or the millennials are being attracted to estate planning and that’s good. Well, the new generation understands the importance and benefits of estate planning. Still, we have far to go because some people still think that estate planning isn’t their cup of tea. People who have modest assets are more likely not to be interested in estate planning because they think they don’t have much to plan for. The way we see it is everyone works long and hard to have achieved what they have up to date, be it a $50,000 in savings or a house worth $5,000,000 why not safeguard what you have.

Do I need an estate plan?

Yes! You do and everyone who is or has ever been concerned about their family, spouse, children, business, and loved ones should consider having an estate plan. So, you should stop thinking about planning and go ahead and take a free consultation with a specialist. We have seen a report which says that a lot of Americans have misconceptions about estate planning. Some people think that it is only for the rich, some people think that it is only for the old, some claim that as they don’t own much, they don’t need planning, etc.

We respect your opinion and understand that you aren’t aware of the benefits of estate planning. So, we are simply going to brief you with some positive benefits of having estate planning. Afterward, you can decide wheatear or not you want to have an estate plan or not. Check out the estate planning benefits below:

Estate planning benefits

Estate planning is harmless and comes with lots of benefits. Estate planning can provide your family with an extra layer of protection safeguarding them from creditors and predators which can proof quiet useful in the near futur. We know that a lot of you have heard about planning your estate before but we highly recommend you take action now.

It isn’t simple to make an estate plan and will have lots of questions and concerns, but we believe that our expert estate planning attorneys can help. Overall, if you’re considering planning your estate then congratulations. Planning for the future and taking control of it to the best of your ability is a great idea. If you ever wondered how estate planning works or where to begin call us to setup a free consultation. Estate planning can do more then just safeguard your assets for future generations, with estate planning you can decide how your estate takes care of you in the event that you are alive and unable to take care of yourself.

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First of all, forget the old misconception that you don’t need an estate plan as your just getting started. You must know that everybody needs an estate plan especially now that you are responsible not only for yourself. Humans can get injured or die at any age and time. We don’t have control over all life’s situations, like car accidents or incidental death so it’s better to have an estate plan so our spouse/children are secured. We know that most young people put of estate planning because they think that it is for old folk’s. It’s good to stay prepared for the worst case scenario.

Estate Planning for Married Couples

You must know that estate planning for married couples comes with a lots of benefits and powers. Also, it gives the freedom to the couple to decide how they want to use or even handover their estate. Estate planning also helps you in planning your retirement and medical care services. Here, we are going to talk about some major importance of planning your estate with your partner.

Secure your spouse’s future

We think that planning an estate can secure your spouse’s future or at the minimum simplify it while they grief and take care of pressing affairs. A good estate plan can help avoid probate, mitigate taxes or even help make burial decisions.

Protection from third-party claim

Having an estate plan can help protect your spouse from potential third-party claim. Neither you or your estate planning attorney can predict your beneficiaries personal or financial situation when the time comes. Seeing to it that assets don’t pass outright to them but instead pass into trust for their benefit at times can be the difference of them receiving money or not.

Reduce taxes

Planning your estate now while the current gift tax exemption is at an all time high can potentially save your spouse a lot of taxes.

Must-Have estate planning documents for a married couple

Healthcare Proxy

In the event that one of you become ill and unable to make your own medical decision a hospital or medical facility might require a Healthcare Proxy to speak with your spouse. Married couples usually become each other’s Healthcare Proxy’s.

Power of attorney

A power of attorney means that if something happens to you or you aren’t in a condition to make financial decisions then someone else like your spouse can make those decisions for you. For example, you are the bread winner in the family yet due to a car accident you end up in a coma, Your spouse may need to access bank accounts to pay rent or mortgage or even may need to sell a property to sustain during this time. Most married couples name each other as one another’s Power of Attorney followed by a grown child or close relative that they trust.

Will

A Will is part of basic planning. It is one of the first estate planning documents that new couples tend to set up. A will can discuss basic wishes as per assets and what happens to them when you are no longer around as well as designate guardians for minor children.

A living Will

Yes! It is important to have a living some decisions can be difficult for a spouse or child to take upon themselves. If you don’t wish to have resuscitation or tube feeding if god forbid that time arises then you wish to make that decision for yourself and not leave it to your loved ones.

Ceremony Instruction

A simple step where you leave some instructions/wishes and advice as per your funeral so your partner can take care of it as you wish.

Hopefully, you and your spouse will go through each and every document carefully a will or estate plan should be clear. You must understand that without an estate plan your partner can suffer having to go through probate while mourning or being forced into difficult medical decisions that no one should have to make for a loved one. We think for the sake of a piece of mind each and every married couple should have an estate plan.

You must know that life insurance policies and other insurance policies don’t always have to be in your will you may choose to just contact your insurance policy provider to add a nominee name. We believe that planning is you reaching into the future and taking charge. Regardless of how you plan and the length you take planning even for the smallest of events is always better then pretending that it can’t or won’t happen to you.

To sum it all up, planning especially for a married couple is very important. If you love your spouse show it by thinking of their future. Help safeguard them from headaches such as medical decisions or probate. Protect your assets from creditors and predators. Preserve your wealth small or large for the benefit of your loved one. Seek guidance from an experienced estate planning lawyer, cross your T’s and dot your I’s as your loved ones matter.

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You have spent your whole life to build a business and you wouldn’t want it to vanish after your death right? Yes! Your business can be harmed without an estate plan because now you aren’t here to run it. In this case, whoever will be in charge is going to drive your business as he/she wants. Estate planning is something that can give you the power to manage the future decisions of your business. Also, it can save you from a lot of tax implications, and you get the benefit to pick the right beneficiary or person who will take over in your place. Estate Planning can be advantages to any business or company.

Estate Planning for Business

It doesn’t matter if you have a small business or the biggest company out there; estate planning can give you a piece of mind and a shield to protect your assets. Anybody who owns a business can easily benefit from estate planning. A lot of small business owners think that it is expensive for their business and they just keep on pushing it away. A study has confirmed that more than 30% of business owners don’t have an estate plan. Having a business estate plan means covering your business-related issues according to your wishes.

Benefits of Estate Planning for Business

• Options for business – Having good estate planning can make a whole lot of a difference. Have you ever considered setting up a buy-sell agreement and taking out a buy-sell insurance policy. If you have partners in your business can you imagine inheriting one of their family members as a partner especially one that knows nothing about your business. This form of planning can proof useful especially once your business partner is no longer around. This will allow an insurance policy to buy out your partners shares paying his/her family at death leaving you their shares in the business.
• Good for long-term business – You had an idea a dream and today you own a major corporation which is super profitable. Having a good estate plan means covering the basis of who can make business and financial decisions if you’re ill or mentally incapacitated. A good estate planning attorney will consider all scenarios for the future and will include a Durable Power of Attorney into your planning to insurance while you are in the right state of mind you choose who will run your affairs if one day you’re not able to. They will also potentially set up trusts to create a layer of asset protection as well a vehicle for pass through of assets to the next generation.
• Good for tax mitigation – You built a business, you got it to be profitable and now you wish to safeguard this asset for you children and grandchildren. Your business is part of your estate and at the time of death a liquidity event occurs. A good estate planning attorney will account for this and create a legal structure to minimize your tax exposure.
• Good future planning for business – Estate planning does give you the power to choose a business plan for the future. You can pick the person who will run your business, how you wish them to operate and even mandate a holiday party in your honor once a year if you wish so. You can create strategies that the company must follow and even dictate benefits for family and co-workers. This doesn’t mean that you should as none of us have a crystal ball and can see into the future. Good planning should leave room or flexibility for adjusting to current times but none the less it’s nice to know you can control some aspects of your business even when you’re no longer around.
• Business Succession – After your death people may try to take advantage of the moment for personal gain. You may find you’re your spouse and children fighting over assets and businesses. Avoid this and take control, create an estate plan dividing and giving assets as you see fit to those that matter to you most. Perhaps you have a business that you want to leave to one child and an insurance policy to the other. Perhaps you have a vacation home that you wish to be sold and profits evenly distributed to your kids. Take control come up with a plan and have an estate planning attorney put it in writing.

Estate planning is for everyone. If you have a mom and pops liquor store or a chain of restaurants both you and your loved ones can benefit from estate planning. Estate planning can be as simple as who runs my business if I’m ill to as complicated as selling of assets and distributing money after I’m gone. It can be as simple as leaving everything in equal shares to your children to as complicated as reinvestments of assets and controlled distributions based on specific life accomplishments of your children. For example wishing your estate to distribute money necessary to cover a wedding or down payment for the first house, but not to pay for a two week vacation.

In the end, we have told you the benefits and importance of estate planning for a business. We are here to guide you with all types of estate planning queries. You can simply contact us to set up a free consultation with one of our experienced lawyers who can help you with creating a custom tailored plan. Sometimes planning an estate can be a little tricky we are here to help.

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Now, as you might already know that estate planning is all about securing your assets for the future of your kids and the family. You have worked long and hard and now amassed some possessions but what if you die? One of life’s few guarantees is that one day we will die and there is no running away from it. Who will inherit our belongings? Will it be your spouse, children, family member, close friend or will you leave everything to a charity? The choice is your but only through proper estate planning.

What does an Estate Plan Include?

An estate plan can include a lot of elements and you must know learn more about them. It is really very important to be educated on the subject before stepping moving forward with creating your estate plan. So, here in this blog, we are going to talk about the things which an estate plan may include.

Estate planning Components

Will/Trust

A lot of us imagine a Will/Trust to be related to a person who is dying. Some also believe that a Will/Trust is only for the wealthy or those with lots of real estate. However, having a Will/Trust just means that you wish to protect your belongings and safeguard them for the person or organization of your choosing to inherit them when you are no longer around.

Power of Attorney

Let’s say you are running a small or even big company and something happens to you in which you aren’t able to run a business then what’s next? Who is going to handle your business? Well, in that case, you will need to have someone with “Power of Attorney”. You can pick that person whom you will empower to handle your finances in such an event.

Beneficiary

If you wish to have a say in who stands to inherit your belongings you must appoint a beneficiary during your estate planning. Each state has their own set of laws if you don’t appoint a beneficiary the courts will appoint them based on state law.

Letter of Intent

It is very important to have the letter of intent because that can contain your wishes which you want to tell your beneficiary. You must know that the purpose of this letter is to tell your beneficiary about your plans regarding your asset or any other instructions such as where you are to be buried.

Healthcare Proxy

It is simply like the power of attorney but with only limited power. You can see that the “Health” word is attached to it which means that the person who will be your Healthcare proxy is going to decide your health-related decisions when you aren’t able to take that kind of decision by yourself.

Guardianship

You must know that guardianship is a very important element of estate planning. It comes in handy when you want to pick someone to be your kids’ guardian after your death. Now, if you won’t pick any then the court will pick for you and that person could be anyone from your family even potentially a family member whom you don’t even trust.

A living Will

It is one of the most important components of estate planning. You must know that “A Living Will” comes in handy if you want to take care of yourself even when you aren’t able to do it. It does help in many scenarios and one of them is like falling in a coma when you aren’t able to make your decision then “A Living Will” dictates your wishes of how you wish to be cared for.

In the end, planning allows you to make decisions about your future and at times that of your loved ones. Having a plan is important. When you are ready our firm offers free consultations, come in and learn more of how you and your family can benefit from a good estate plan. Call us today to schedule your free consultation with one of our experienced attorney’s.

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Rich or poor, we all are going to die someday and nobody is going to take their estate with them, right? Now, would you want the courts based on state law to decide who is going to own your house, car, furniture, and other investment after your death? We think most believe in having a say! We believe that a proper estate plan can give you such say, while making pass through of assets a less complicated process for your loved ones. Also, keep in mind estate planning isn’t just about planning for death, it is also about planning for life and this part of estate planning most forget about or ignore.

I’m not rich, do I still need estate planning?

Yes! The biggest misconception when it comes to estate planning is that it revolves around people who have accumulated large wealth or lots of assets. When we speak to our clients about estate planning, we like to start with the basics. For example, do you have children under the age of 18? If the answer is yes, then you need estate planning. What will happen to your minor children if both you and your spouse are no longer around? Who will take care of your underage children? By creating a Will, you can designate a legal guardian for your minor children who will be responsible for their up bring and welfare if you are no longer around. Don’t you want to have a say in who that person will be?

Rich or poor be it a savings account with 20,000 dollars in it or 3 brown stones that you own planning for life is important. Estate planning is not just about pass on assets to the next generation but also who will be able to make medical or financial decisions on your behalf you are unable to do it for yourself? In a good estate plan, there is something called a healthcare proxy which allows the person of your picking to make medical decisions on your behalf and a durable power of attorney which allows a person to make financial decisions on your behalf. If one day you start to suffer from dementia don’t you think having these documents in place will be helpful?

If I am not wealthy what are the benefits of me having an estate plan?

We know that this above-mentioned question crosses a lot of people’s minds. A lot of people say that they aren’t rich or wealthy, they don’t have any estate, and they don’t have any property so why do they need estate planning? You must understand that planning for the future is very important. In life there are lots of unforeseen circumstances, hopefully with a good estate plan you will be able to cover and plan for some of them.

• By creating a Will you can appoint a legal guardian of your choosing for your minor children,
• By creating a healthcare proxy, you can empower someone you trust to make medical choices on your behalf in the event you are in a car accident or with age suffer from dementia and unable to make such decision on your own,
• By creating a durable power of attorney, you can empower someone to make monetary decisions on your behalf if god forbid one say you suffer from stroke or become mentally incapacitated and can’t make them for yourself.
• By Creating a Trust, you can create an extra layer of asset protection safeguarding that which is yours for your loved ones.

As you can see estate planning is important for all and not always is estate planning about sizable assets or wealth. We can choose who, what, where, when and how our estate is distributed and utilized in the future, today. Don’t you believe you are entitled to a say? Call our office today to set up a free consultation with an experienced lawyer to see how estate planning can best benefit you and your loved ones.

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The best part about planning your estate is the ability to plan for the future today. A lot of people aren’t just securing the future of their family but also are adding a special provision for their pets. Yes, your furry loved ones who to will be missing your presence and need taking care of when you are no longer around.

Estate Planning for Pets

First of all, Yes! You can do estate planning for your pets in which you can set up a guardian for your pet after your death. It is quite a famous trend and people are being quite open about it. You should understand that your pet is a family member for you because you have an emotional connection with your pet. Now, if you die and you haven’t made taken into account of adding your pet you’re your estate plan then the court will treat your pet as a property in which case they are fully liable to transfer them according to state laws of succession.

So, you wouldn’t want to see your dog or cate in the wrong hands. It’s not just about who is going to adopt your pet, but it is more about who you want to adopt them. Well, having estate planning for pets can really help you in this situation. We encourage our clients or whoever is reading this to make a small provision for your pets. Also, you can setup a regular payment for your pet’s care from your estate and it will be given to the person who is going to take care of your pet.

Estate Planning for Pets – Important Notes

Now, if you are planning your estate then we would strongly recommend that don’t leave your pet out of it. You have spent your time with your pet, they tend to be a big part of your life and after when you will pass your pet is going to miss you and need caring for. Your pet will need regular care, love, and a family in your absence. You must add a pet provision in your will or trust and here we are going to discus some important notes of it.

• First of all, you need to select a guardian for your pet or a person who is going to take care of your pet after you’re gone.
• Now, you must write a detailed letter of instructions which will be helpful for that guardian in order to take care of your pet.
• You must set up a regular payment from your estate for your pet’s care too.
• You can also select a remainder beneficiary who is going to receive all the funds which is left for your pet’s care after the death of your pet.

Keep in mind a pet is a full-time job and not everyone wants to assume such a responsibility. When selecting a guardian or caretaker for your pet it is best to first discuss such a case scenario with the person you intend to entrust with your furry friend. Pets can be expensive to maintain everything from food to vet visits, toys and hosing come into play. When creating an estate plan for your pet keeping expenses in mind is import. Setting aside a budget for your pet’s care is something that an avid pet lover will always consider. Unlike humans’ pets can’t speak out nor can they go out and get a job to self-sustain themselves.

We are expecting that after reading this whole article you will know that it is important to include your pet in your estate planning. We think people can easily set a provision for their pets. If you have any questions or concerns about estate planning of your pet then feel free to contact us to setup a free consultation where we can address some of your concerns or discuss potential considerations. We think that estate planning is important for all your loved ones and a pet should not be left out of this equation.

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Estate planning works as a shield for your kids and it does provide future safety to them in your absence. We think that everyone who is thinking of starting a family should plan their estate. It is really going to help you a lot in the future and also it is going to work in favor of your kids. You might be aware of the fact that estate planning isn’t just about transferring the funds or estate but it is about making the future you taking control of the future while you can.

Estate planning for children

When we make an estate plan we often make it for the safety of our family and kids. You might already be aware of the fact that estate planning for the children is quite important because you want to ensure that your assets pass to them with minimal tax exposure and outside of marital property or personal issues. If you and your spouse die because of some tragedy, then what will happen to your children? If you have minors assigning a guardian that you trust should come into consideration. Keep in mind without a proper estate plan your children might be subject to probate or a guardian controlling their life without having their best interest at heart.

A good estate plan can help your children while you are alive and when you are gone. People for the most part don’t just pass they become metal incapacitated or ill and unable to take care of themselves. Something as basic as a power of attorney can save them a headache in such a scenario by empowering them to make financial decision and gain access to your savings or properties for financial situations to assist both you and them self’s.

Estate Planning for children Important Steps

Will

You must write a will in order to start with your estate planning for children. Now, most of the young parents don’t think about assets or property when they write the will but they focus on the “guardian”.  So, in your will, you must name a guardian who is going to take care of your kids in absence of you and your spouse. A will is also where you can state your wishes of how your assets are distributed amongst your children which can help avoid family feuds.

Life Insurance

You must buy life insurance for your kids so they can get benefits in your absence. We think that it is an important and much-needed step when you are thinking about the safety of your kids.

Make Healthcare Proxy/ Power of Attorney/ Living Will

Healthcare proxy is someone who will make a decision for your medical health if you aren’t able to make them somehow. You can’t pick your minor kids for this position you may appoint your spouse, a close family member or even a friend. Power of attorney is someone who will make a decision on your behalf for all your finance-related issues. Living Will is where you can state your final wishes such as burial or funeral arrangements so your family isn’t burdened with such decisions on your behalf.

Estate planning for special needs children

Estate planning is very important if you have special needs children. Families with special needs children should be much more concerned about the safety of their kids in the future. If something happens to you and your spouse then they’ll be alone without any care. In the case of estate planning, you can at least pick someone to take care of them after your death and insure some sort of finances that can be used for their care.

We have seen a lot of clients struggling while making an estate plan for their kids. It’s our duty to think about our family’s future in all cases. We think that estate planning can be an extra layer of protection for them. However, estate planning isn’t the only thing you can do for future security but it is an important one. If anytime you feel the need of advice on estate planning then you can directly contact us for a free consultation. We will be more than happy to help you in planning your estate for your children. 

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Estate planning can come with a lot of benefits for your family even after you’re gone. Also, good planning for the future is always going to be a positive step for you and everyone who is close to you. Here, in this blog, we aren’t just going to talk about the estate planning but we will guide you with the estate planning checklist.

Estate Planning Checklist

Will

A will is quite helpful if you want to express your final wishes in order to settle your estate, savings, and everything which belongs to you. In the will you can also appoint a legal guardian or a person responsible for taking care of your minor children if you are no longer around. You must sign your will in front of two witnesses and it should be 100% your own conscious decision.

Revocable Trust

Can hold all your assets for the benefit of whom you wish. Unlike a will you will be transferring or retitling your assets into the name of the trust during your live time. This document will allow your loved ones to avoid probate and provides a level of asset protection for you and your beneficiaries.

Advance Care Directive

This is just another name for the “Living Will”. It can be used to specify the medical treatment course when you aren’t able to articulate choices for yourself. You must know that state laws vary on the facility of advance care directives.

Health Care Proxy

It is another health-related facility in which you designate someone else to make choices about your medical care in case of an emergency or when you aren’t able to take the decision. You must know that state laws vary on the facility of Health Care Proxy too.

Statements of Intent

It allows you to express your wishes, philosophies, preferences, expectations, desires, and important advice to your trustees or dependents. This will help you and your family members in crafting a vision with your estate according to you.

Important Estate Roles

Before planning or during the planning of estate you must take some effective decisions and they aren’t going to be the easy task. You have to pick an executor, a trustee and a guardian if you have minor children.

An Executor

He/she is someone who is responsible for carrying out all the provisions of your will accordingly as you granted. The executor should be someone you trust like a child , close relative, friend or professional like a lawyer or accountant.

A Trustee

Someone who manages the trust you created and enforces the rules of your trust strictly without breaking anything. It is totally your choice and you should consider carefully who you going to make your trustee. You can pick a known person who knows your circumstances well or you can pick a professional institution to handle all that.

A Guardian

You must know that a guardian is a very important person who assumes your legal responsibilities for your minor or disabled children.

You must know that you’ve spent a lifetime building your estate so you should be careful with it. Every single step which you are going to take should be taken under the consultation of a experienced lawyer. We highly recommend estate planning for all regardless of your wealth or age. It is never to early to start planning as a good estate plan created by a good attorney will provide flexibility and grow along side you. Don’t wait call us today to schedule your free consultation.

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You have spent your whole life building your business; don’t you want to control who takes over your business and perhaps even how it is ran after your death? Yes! Your business can be harmed without an estate plan because now you aren’t here to run it. In this case, whoever will be in charge is going to drive your business as he/she wants. Estate planning is something that can give you the power to manage the future decisions of your business. Also, it can potential save you money when it comes to taxes, and you get the benefit to pick the right beneficiary or person who will take over in your place. Estate Planning is a great idea for all types of businesses and companies small or big.

Estate Planning for Business

It doesn’t matter if you have a small business or the biggest company out there estate planning can give you a layer of protection and a peace of mind. Anybody who owns a business can easily benefit from a good plan. It is important yet often overlooked due to worries of costs associated in creating a good estate plan. According to a study more than 30% of business owners don’t have an estate plan.

What goes into a good business estate plan?

• Revocable Trust – Creating a Revocable trust and transferring ownership of your business and its assets to the trust comes with lots of benefits. For starters, it creates an extra layer of asset protection, for example in the event of a law suit. Secondly it allows for you to name your successors and even designate there rights and rolls when it comes to the operation of such said business. With a properly drawn up estate plan you are able to take advantage tax mitigation strategies preserving more of your hard earned wealth for your heirs.
• Durable Power of Attorney – When it comes to estate planning for your business one of the best documents that you can create to work during your life time is a durable power of attorney. This document will allow and empower the person of your choosing to run and operate your business in the event that you are incapacitated and unable to do so for yourself.
• Buy Sell Agreement – Most businesses consist of two or more partners. This part of your estate planning can help insure that neither you nor your partners inherit one another’s none working family members as operating partners in your business at the time of death. Instead at the time of death their typically would be an insurance policy in place to compensate the heirs of the deceased. This part of planning is especially important and frequently over looked. Can you imagine inheriting a new partner that knows nothing about your business or how it operates yet takes home an equal salary.

Benefits of a good business estate plan

• You get to choose who inherits your business,
• You can control how your business operates even after your gone,
• Estate Planning creates an extra layer of asset protection for your business,
• You can take advantage of tax mitigation strategies for your business.

Estate planning might not be able to guarantee the future success of your business. There is always the chance that your successors even if they are handpicked will not be able to fill your shoes. However, it is always best to take control and appoint your beneficiaries and create a plan for the future operation of your business, after all you are the visionary.

In the end, we have told you the benefits and importance of estate planning for business. We are here to guide you with all types of estate planning queries. You can simply contact our office to setup a free consultation to speak to one of our experienced estate planning attorney’s. Planning your estate can be tricky and a lot of potential considerations can be overlooked without the proper knowledgeable person guiding your through the process. Don’t leave your planning for tomorrow call us today!

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What Does an Estate Consist Of?

Estate is actually everything that you own. It can be your car or your life insurance. Your personal possessions and savings account all come under the umbrella of estate. Obviously, all the property that you own also is part of your estate.

The Significance of Estate Planning

Estate planning is a necessary thing for everyone but most people do not opt for it. Some don’t know about it and some just think that it is unnecessary. But in reality, estate planning is for all of us. This is supposed to take care of your loved ones when you are no longer around. Thus, here are some of the reasons why estate planning is a must requirement for all of us.

You Can Choose Who Inherits Your Assets

This is a very necessary step that needs to be taken while you are planning your estate. Often you might think that why do you require to name anyone who inherits your property or other possessions. But it just so happens that after your death, it is the court who decides who should receive your assets. Now you may believe that this will resolve itself as your state’s intestacy laws will take care of it. However, money tends to bring out the worst in people and in our profession, we see a lot of family feuds over inheritance. There are things you may have overlooked for example being on the deed of one of your children’s homes in order to help them qualify for a mortgage. This would create an issue as now your other children can take advantage of the situation and try to claim those shares as part of their inheritance. Thus, it is always better to have estate planning to avoid such a family mess.

You Can Reduce Estate Taxes

A good estate plan can include tax mitigation strategies. For example, the current gift tax exemption is at a record high and can be used to limit your tax exposure. By creating a will and trust you can achieve a hundred percent in step-up basis for your primary home at the death of the first spouse.

Protect the Beneficiaries

Do you have children that are under the age of 18? These children for all intensive purposes are considered minors. It is especially important to have good estate planning in such a scenario. Remember without the proper documents such as a will or trust your beneficiaries are subject to either a probate or administrative proceeding in order to receive their inheritance. Furthermore, a minor who stands to inherit will have no say over such inheritance until they become of age and a guardian will be put in charge of their finances. A good estate plan allows you to choose who that guardian will be and how your monies are to be used for the benefit of your minor children.

This is the reason why estate planning is a must, especially when families have minor children. Thru carful planning you can protect and ensure that your children are well taken care of and hopefully not taken advantage of due to their inheritance.

Protection of Your Assets

Well, we love our belongings. Even it is a small co-op or a big house, whatever we own is dear to us and we want it to be taken care of when we are not around anymore. Estate planning is the perfect tool for making sure that your assets are kept safe. A good estate plan can not only protect your hard-earned wealth from creditors but can also see to it that upon your death when the assets pass to your loved ones they pass outside of marital property and their creditors.

Protection of assets is very important as it makes sure that your heritage is kept safe and it will continue to flourish long after your demise. In this respect, estate planning is the only and best option for asset protection.

Conclusion!

We hope that this article has given you a brief idea of how estate planning is important for all of us. The best time for estate planning is actually now. The sooner you do it, the better it is. At the end of the day, you will be at peace knowing that your assets are distributed according to your wishes, safeguarded and preserved for your loved ones. The best time for planning is now, call us to schedule your free consultation.

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