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WHAT IS AN ESTATE PLAN?

Basically, it is a twofold plan:

  1. Instructions that YOU give now to ensure that YOUR wishes are carried out while you are alive and after death. By planning in advance and naming the people or organizations you want to receive the things you own after you die you will make things much easier on you and your family by avoiding unnecessary taxes, legal fees, court costs and months to years of court battles.
  2. Tools to help maintain or grow your estate while you are alive and after death that usually involves different life insurance policies, IULs and Annuities.

Top 10 Reasons for an Estate Plan?

1: Instructions for your care and financial affairs if you become physically or mentally incapacitated before you die.

2: Include arrangements for disability income insurance to replace income if you cannot work due to illness or injury, life insurance benefits for long term care or disability as well as for your family at your death.

3: Specifies the transfer of your business at your retirement, disability, incapacity, or death.

4: Name a guardian for your minor children’s care and inheritance.

5: Provide for family members that have special needs without disqualifying them from government benefits.

6: Provide specific instructions for loved ones who might be irresponsible with money or who may need protection from creditors in the event of divorce or unfortunate legal problems.

7: Minimize taxes, court costs, and unnecessary legal fees.

8: Fund and protect assets into revocable or irrevocable trusts.

9: By avoiding probate/court you are able to keep all of your assets and affairs private.

10: Assets are passed within weeks vs months to years of court proceedings.

WHAT HAPPENS IF I DON’T HAVE AN ESTATE PLAN?

Well, you probably won’t like this but, the courts will make one up for you.

If you become physically or mentally disabled and are unable to conduct business then someone will be appointed by the courts to control your business, health  and assets through a court appointed conservatorship or guardianship.

Upon your death: Again, the courts will decide who gets what of your assets.  Of course this will come with many months to years of court proceedings, court expenses and very high legal fees. If you are married, have ex-wives, children, step children and businesses, this can end up leaving many people to not receive what you would have wanted to leave them or children left to guardians that you wouldn’t want them to be with.

IS MY WILL GOOD ENOUGH?

That is great and a good start.  Unfortunately, a will still must go through probate/court to be deemed valid, which takes many months to years, and that is if no one contests it, including Uncle Sam.  In the meantime, no one has access to your assets, business, or estate if you didn’t have a plan set in place.  Plus everything is now public record.

IS IT EXPENSIVE TO MAKE AN ESTATE PLAN?

We try to help make it as affordable as possible for our clients.  While most attorneys charge $2500-$5000 for an estate plan, we use attorney written plans that are designed by attorneys who specialize in estate planning.  We then use court certified document preparers and paralegals to help you save money by not having to meet with the attorney.  Of course, if any attorney is needed then we can set that up for his/her extra fees.  Our Fees for setting up an estate plan typically run about $900.

HOW OFTEN DO I NEED TO UPDATE MY ESTATE PLAN?

Because life is ever changing, especially our assets, it is important to make and adjust your estate plan anytime anything changes in your life.  From moving, to beneficiaries, to assets, to insurance policies, 401ks and more.

This is why we follow up with our clients every year to see if anything has changed and if we need to update their estate plan.

DO I NEED AN ESTATE PLAN?

If you answer YES to any of these questions below, then you need an estate plan.

DO YOU HAVE ANY MINOR CHILDREN?

An estate plan allows you to appoint a guardian to care for your children’s welfare if you are unable to do so yourself. You can also create a trust to provide for them financially while they are minors.

DO YOU NOT HAVE ANY CHILDREN?

If not, you need an estate plan. For most people, their children are their heirs. If you do not have children and have not done any estate planning, then your estate may go to some accidental heirs. Drafting an estate plan will prevent your estate from going to unintended or undesirable persons. Additionally, children are often who most people count on to help with our medical and financial decisions as we age. Not having children creates a vacuum, of sorts, whereby there is no one available or even permitted to help you with important decisions. An estate plan allows you to appoint someone to help you with such decisions.

DO YOU HAVE ANY SPECIAL NEEDS CHILDREN?

If so, you need an estate plan. Specifically, you likely need a special needs trust. A special needs trust is tool designed to hold assets for a person who suffers from a physical or mental disability. Special needs trusts are used to pass wealth to a disabled person without interfering with his or her Supplemental Security Income (SSI), Medicaid, vocational rehabilitation, and subsidized housing. Without a special needs trust, your special needs child or heir could lose their entire inheritance.

DO YOU HAVE ANY ASSETS?

If you own any cars, boats, homes, checking, savings, life insurance, furniture, prized possessions, or any type of investment then putting together an estate plan would be recommended if you want your loved ones to have access to these according to your directions vs having the state decide who gets what.  Which may not be even close to what you would have wanted.

DO YOU WANT TO CONTROL YOUR MEDICAL DECISIONS?

If so, you should create an estate plan. As we age, some of us may become incapacitated and unable to make decisions regarding our own medical care. Preparing a living will and medical power of attorney will allow you to communicate your wishes regarding healthcare to your loved ones. Ensuring your wishes are known and followed. Sad statistic: In the U.S., someone is diagnosed with Alzheimer’s every 66 seconds!

DO YOU OWN ANY HOMES / PROPERTIES?

Our home and investment properties are some of our biggest investment assets. Without proper planning, your homes and properties could end up in the court system should tragedy ever strike. An estate plan can prevent your biggest assets from being tied up in court. Using a revocable trust can save your heirs thousands of dollars in legal fees and court costs.

DO YOU VALUE YOUR FAMILY’S PRIVACY?

One of the benefits of a trust is that your family gets to avoid probate, which keeps your assets private.

DO YOU OWN ANY BUSINESSES?

If so, you know the sacrifices you made to make your business succeed. Without proper planning your business could be left without a leader. Most business cannot survive the chaos that follows a lack of leadership. An estate plan allows you to appoint a decision maker to ensure your business continues to thrive if you are unavailable.

DO YOU WANT TO MAKE LIFE EASIER ON YOUR FAMILY?

Creating an estate plan allows for an orderly and efficient transfer of your wealth to your heirs. Without an estate plan, your heirs will likely have to spend unnecessary time, money, and energy in probate court trying to claim what is rightfully theirs.

DO YOU HAVE A BLENDED FAMILY OR CHILDREN FROM ANOTHER RELATIONSHIP?

An estate plan is particularly important if you have children from different marriages. Without a plan, your estate will be distributed under the default rules of intestacy. Depending on your state, the laws of intestacy will give most—if not all—of your wealth to your spouse. This alone may not be a bad proposition. But remember, when your spouse passes, his or her estate including assets received from you, will go to your spouse’s heirs—leaving your children empty handed. Preparing estate plan can prevent your children from being left in the cold.

DO YOU WANT TO PROTECT YOUR ASSETS AND HEIRS’ FROM CREDITORS?

One of the benefits of a trust is that it can contain something called a spendthrift provision. A spendthrift provision can protect your children’s inheritance from unsavory creditors.

DO YOU WANT TO CONTROL WHO GETS WHAT, WHEN, & HOW AFTER YOU PASS?

Do you have an heir who is irresponsible with money, or who is perhaps suffering from addiction? An estate plan allows you to leave specific instructions as to how an heir will receive their inheritance. Monthly or yearly installments? Upon the completion of a goal? An estate plan provides an opportunity to put a plan in place to address your specific needs. This can be instrumental in protecting a child or other loved one from themselves.

If you answered yes to one or more of the above questions and you don’t already have an estate plan established, then it is time to get your estate plan figured out before it is too late.  Get your FREE consultation now!

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For any and all legal advise when it comes to estate planning please see your local estate planning attorney.