Estate Planning: Why it is so Important
Most people don't like think about planning for what happens to their assets after they are gone, but without estate planning, this could have a long-lasting permanent and expensive effect on your loved ones.
Reasons estate planning is so important:
reduces the chances of legal battles among your loved ones.
reduces the taxes your beneficiaries might have to pay on that assets you leave behind.
allows you to choose how to allocate your assets to your family and friends.
gives you an opportunity to name your child's guardian in the event of an untimely death.
prevents unintended beneficaries, the courts will often decide who gets your assets..
In conclusion, if you want your assets and your loved ones protected, you will need an estate plan. Your heirs could be hit with tremendous tax burdens, and the courts could decide how your assets will be divided and even who will raise your children.
Steps to making an estate plan:
- Identify your goals for creating an estate plan. Do you want to protect your family and assets, prepare for incapacity, protect and backup your business documents and assets, plan for your funeral, etc.
- Identify all the money and property you own that you want to include in your plan.
- Identify the risk to your assets such as creditor claims, nursing-home expenses, lack of a business succession planning.
- Identify the spouse, children, friends and pets you want to protect and provide for.
- Identify the charities you wish to make contributions to or if you wish to create a foundation or charitable trust.
- Identify any beneficiaries that have any special needs.
- Identify whether you'll owe estate tax.
- Decide whether you wish to avoid probate which can be complex and costly because this will require different estate planning techniques.
- Decide what you plan to do if you become incapacitated, who will make decisions for you and what kind of care you wish to receive.
- Identify what insurance p0olices you have and if you need additional coverage such as term life insurance, etc.
- Identify if you will need trusts, power of attorney, advanced directives and a last will and testament to accomplish all these goals.
Now you can implement your plan...let's get started!
You can choose from our affordable monthly subscription plans.
Beginner
Create an online account and fill out our questionaire so we can assist you with listing your assets or call us to have one of our representatives contact you if you have any questions or need help with the questionaire.
$2,500.00 - pay $50 down payment and $50 a month.
Intermediate
What does intermediate include?
Accountant
$5,000 - pay $100 down and $100 a month.
Deluxe
Estate attorney
$10,000 - pay 10% down payment and $100 a month.
Supreme Custom
$100,000 - pay 10% and $500 a month.
Includes funeral arrangements, planning execution of will, processing of estate.