Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or incapacitation. One goal is to ensure beneficiaries receive assets in a way that minimizes estate tax, gift tax, and other taxes.
Estate planning can help establish a platform you can fine-tune as your personal and financial situations change. The key question to ask yourself is: How do you want to take care of your loved ones after you're gone?
ESTATE PLANNING EXPERIENCE
Believe it or not, you have an estate. In fact, nearly everyone does. Your estate consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, furniture, and personal possessions. No matter how large or how modest, everyone has an estate and something in common - you cannot take it with you when you're gone. When that happens, you're going to want to control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out as intended, you need to provide instructions for your assets with, typically, the least amount paid in taxes and fees.
People put off estate planning because they think they do not own enough, they are not old enough, or they think the process will be costly and confusing. Then when something happens to them, their families have to pick up the pieces. So don't wait - you can put something in place today and change it later. Just knowing you have a properly prepared plan in place - one that contains your instructions and will protect your family - will give you and your family peace of mind. If you're considering starting or changing any type of estate plan, contacting our experienced attorneys is the right place to start.