What is Estate Planning?

Estate Planning is applicable to everyone because it deals with what happens to our belongings and to our loved ones once we are gone. Whether you have a few dollars to your name or millions of dollars in business interests and holdings, you cannot take any of it with you when you pass away. Likewise, whether you have a family, or just friends, you cannot continue to care for your loved ones or be an influence in their lives after you pass away.

While our Elder Law practice primarily plans for you as you age or become disabled, Estate Planning plans for them, whomever they may be. When done properly, Estate Planning looks at your estate from your point of view as well as that of your heirs. This approach ultimately, empowers you to leave behind a memorable legacy by letting you leave things where you want, to who you want, and in the way you want.

Why You Need Estate Planning

There is a common misconception among many well-meaning people that Estate Planning is only needed by the wealthy and has little basis for middle class and everyday people. This is simply not true! The reality is that many people from diverse economic backgrounds and walks of life find there are several good reasons to plan their estate. If one or more of the following concerns applies to you, you may find you benefit from a properly drafted estate plan.

1. There are financial issues or medical decisions that would need to be made on your behalf should you become disabled or incapacitated, and you do not want a court-appointed guardian or the hospitals to decide these matters for you.
2. You have young children (under the age of 18) and need to be assured that someone of your choosing will be raising them with your values and aiding in their life decisions should something happen to you.
3. One of your beneficiaries has special needs or is receiving governmental assistance that you do not want to be interrupted with an inheritance.
4. You are not sure what would happen to your estate or your children's inheritance should something happen to you and your spouse remarries.
5. One of your beneficiaries might get divorced or taken advantage of by a predatory in-law.
6. One of your beneficiaries struggles with money management and you are concerned that they will spend most of their inheritance within a short time after your passing.
7. There are pending personal injury or other legal actions that might threaten one of your beneficiary's inheritance.
8. You are entering a second marriage but would like to be assured that most or all of your assets will go to your children should you pass away first.
9. Your net worth is more than $5,000,000 and you think that you might have a taxable estate.
10. You own real estate and/or business interests and want to be sure that it gets to the intended beneficiary after your passing.
11. You own any real estate or other property of value located in states besides the one that you reside in.
12. You own a life insurance policy large enough to create a taxable estate upon your death (note that while life insurance is income tax free, it may still be subject to estate taxes).
13. Some or all of your beneficiaries will not be able to afford the taxes on your estate.
14. There are pets that you care about.
15. You own licensed firearms and want to be assured that they stay in the family rather than be surrendered to the government when you pass away.
16. There are charities that you would like to include in your plans.
17. You have a life partner that is not recognized via marriage by any state.
18. The expenses of assisted living, nursing homes, or other long-term care may devour the value of your estate and prevent you from leaving anything to your beneficiaries.
19. You are worried about the expenses of probate and whether your beneficiaries have enough liquid assets in order to afford the process.
20. You are concerned about how your remains and funeral will be arranged upon your death.