While Estate Planning can be a difficult task to undertake, establishing a plan is one of the most important steps you can take to protect yourself and your loved ones. The basic components that an estate plan should address are:
Establishing an estate plan allows you to control how your hard earned assets and belongings are passed on to your intended recipients. Without a proper plan in place, decisions regarding who receives which one of your assets and at what time are determined by the government and the courts. A lack of planning also can lead to fighting among relatives and unnecessary court battles that could easily have been avoided with a carefully crafted estate plan.
You want to assure that your financial, personal and medical affairs will be properly handled, by the person or persons of your choosing, when you become too ill or disabled to act for yourself and when you pass away. And you may want financial management, by your chosen person or persons, for your loved ones who may require such management if you’re no longer available to help them. Again, these management objectives can be accomplished through proper estate planning.
You want the maximum amount of your lifetime’s hard-earned assets to pass to the people you want to have them, with the least amount going to court fees, attorneys’ fees and want to avoid the expenses, delays, publicity, headaches and aggravation of a court conservatorship if you’re ill or disabled and a court probate after you pass. You want to minimize income and capital gains taxes while you’re living and estate taxes after you’re gone. You may want to protect your assets from divorce, lawsuits, creditors and bankruptcy during your lifetime, as well as for your loved ones after they inherit your assets. And you may want to preserve your access to government benefits, such as Medi-Cal nursing care benefits, if you or your loved ones ever need them, so your estate will not be needlessly again, these preservation objectives can be accomplished through proper estate planning.
Peace of Mind
There is a little-mentioned, but very important fourth objective or reason for proper estate planning—the peace of mind that comes from the knowledge that you and your loved ones will be properly protected when the time comes.
Enjoy this peace of mind by scheduling a free consultation with us soon.