Estate Planning2017-01-04T19:14:07+00:00

Estate Planning

Death is an inevitability that everyone has to expect, which is why you need estate plans. A well-documented estate plan hands the initiative over to you since you can take charge of your finances and decide how they will be spent in the event of your demise.

Security when Incapacitated

Under the event that you are incapacitated, someone will be in charge of all your financial affairs. The misconception today is that children or spouses can automatically gain control over the finances of an incapacitated person. However, in order to do that they would have to petition a court to prove that you are legally incompetent. The entire process is lengthy and stressful, since they will have to give evidence in court about how they are spending or investing the money.

If you really want someone from your family taking over your finances when you are incapacitated, then you will have to prepare legal documents that give them complete authority over all your finances. A proper estate plan should be implemented before your incapacity and remain beyond your demise.  We also recommended that you also prepare a plan for your medical care. The law states that you can designate a person to make all important health care and medical treatment decisions for you. This can be done with an advanced healthcare directive in case you become unconscious or terminally ill.

Escaping Probate

Leaving your estate in a will to your loved ones is usually not a good idea, since it will pass through probate. The entire process is extremely frustrating, lengthy and time-consuming, while the court can also freeze all assets for any period of time. If you want your family and loved ones to escape the probate process then we can help you pass your estate to your loved ones immediately and in a private and inexpensive manner.

Providing for Children

It is highly important that you address the issues regarding the upbringing of your children in the estate plan. Discuss all the important details with your attorney and develop a contingency plan that will provide all the financial aid and handle all legal matters for your children in the event of your demise. You should also nominate a guardian for the upbringing of your children; otherwise, the court will take all matters into its own hands.

Death Taxes Planning

Federal tax may apply depending on the size of your estate, while there are separate gift and estate taxes that you need to be informed about. You need to start the planning process early to eliminate death taxes and to implement your plans immediately.

Giving to Charities

With a well-managed estate plan, you can also give your money away to any charities or organizations that you desire. It will also allow your family and loved ones to gain a stream of income for life, depending on how you set up the plan.

An estate plan can allow you to escape probate, avoid taxes, unnecessary delays and guardianship in your lifetime. It is recommended that you should speak with professional estate planning attorneys to review your financial situation and learn about the various options you have. It will also allow you to provide financial aid to your family even after your demise.

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