Planning your estate

Most of our lives are spent earning income and saving for the future. We buy insurance for our cars and houses and other assets to prevent loss of their value. An estate plan can ensure that what you have made efforts to build and protect will pass intact to your beneficiaries and not be senselessly overtaxed by the government.

If you don't create an estate plan, the government (at great cost to your beneficiaries) will create one for you. It is called Intestate Probate and it is an extremely complex and burdensome process. If you are passing a large amount of assets (over $800,000) you need to be aware of the federal government's death taxes. The amount this tax has changed over time and will probably continue to do so in the future. There is much you can do to reduce or eliminate death taxes but it must be planned for and will not happen by automatically.

A Last Will and Testament is good for letting your beneficiaries know how you want your assets distributed and for very simple estates it is adequite. But if there are assets to be passed on there will still be a probate process. And that process is time-consuming and expensive and can be traumatic to your family. So many people opt for a Living Trust that will eliminate the probate process completely.

All estate planners agree that dying without an estate plan should be avoided at all costs.

A Living Trust can benefit you in other ways. It is not a public document like a Will. Control of your assets remains with your beneficiaries. If you transfer your real estate to the trust, it will not have to go through the probate process either. And if you are mentally disabled your trust can provide for your care. It can provide for children with special needs or pay for college educations for specified recipients. It can also reserve funds for a family business.

Not just wealthy people can benefit from a Living Trust.

If your estate is greater than $100,000, you'll find a Living Trust offers substantial benefits for you and your family. Estate planning is a specialized field of law, so be sure to choose an attorney who specializes in estate planning for the highest quality service.

The benefits of estate planning.

It will save your family money and emotional stress.
You can designate a personal guardian for minor children.
It will provide for children with special needs.
You can use it to reserve funds for college.
You can preserve a family business.
You can ensure that your assets and family heirlooms go to the people you want to have them.
and much more.