Everyone Should Have an Estate Plan
Is there more to estate planning than just knowing that your family and loved ones will receive your property and/or assets when you are gone? You’ve worked hard to build your assets—your investments, home, personal property. Doesn’t it make sense to work just as hard to protect them in the event something should happen to you?
That’s the primary goal of Cusack law office estate planning—to protect, preserve and manage your estate if you die or become disabled. Some people may see no need for estate planning until they reach a certain age, or they might believe that it’s only for the wealthy.
Why is estate planning so important? Because it allows you to accomplish a number of crucial objectives:
Estate planning can help with cutting taxes- Minimize estate taxes and other transfer taxes. In fact, it is geared for that which in turn helps you to leave more money to those that you want to have it.
Choose Your Beneficiaries – Help ensure that your money and other assets go to the people you choose. Without a plan, state laws will determine your beneficiaries.
Follow Legal Process-Avoid the costs, publicity and delays of probate, the legal process used to value your estate, settle any debts, pay taxes and transfer assets to your heirs.
Defuse Conflicts- Defuse potential conflicts over the distribution of your assets & ensure that you and your affairs are taken care of in the manner you wish if you should become incapacitated.
Estate planning can begin with something as simple as reviewing the beneficiaries of your insurance policies and retirement accounts and updating them as appropriate.
How to get started
Most people can address their estate planning goals with the simple, four-step process outlined below.
- Take inventory of your assets and liabilities. List the value of your home and all liabilities, including mortgages, lines of credit and other debt, other real estate, cars, jewelry and other physical assets.
- Define your estate planning objectives. Whom do you wish to manage your affairs if you become disabled and distribute your assets upon your death? Who will make health care decisions on your behalf if you become incapacitated? Answering these questions before you meet with an estate planner can save you both time and money.
- Meet with an estate-planning attorney- A qualified attorney will review your objectives, explain the tools—wills, trusts, powers of attorney, etc and help you think through matters you may not have addressed.
Though planning for one’s own demise may feel morbid, you don’t want to procrastinate. Remember, if you don’t put your own estate plan into action, the government will do it for you. Do your loved ones a favor and get started now. For more detail visit our site http://www.cusacklawoffice.com/
Cusack law office provides you full information about estate planning. We guide the client from beginning to end of the administration of the estate. If you want to know about living trusts and if you have will & you need to learn about trusts. We invite you to schedule an appointment for a FREE consultation to review your estate plan.