No one likes to dwell on the prospect of his or her own death, but if you postpone planning for the inevitable, you run the risk that your intended beneficiaries may not receive what you want them to in a timely and cost-effective manner. This is why estate planning is so important.
What is Estate Planning?
Believe it or not, everyone has an estate. Your estate includes everything you own—your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, jewelry, and other personal possessions. No matter how modest or large your estate is, you can’t take it with you when you go. When that happens, you will want to ensure that your property goes to the people you want, in the way you want, and when you want. Moreover, estate planning allows you to save as much as possible on taxes, court costs, and attorney fees. Proper estate planning should also include:
- Instructions for your care if you become disabled before you pass
- Name a guardian and an inheritance manager for minor children
- Provide for family members with special needs without disrupting government benefits
- Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce
- Include life insurance to provide for your family at your death
- Provide for the transfer of your business at your retirement, disability, or death
- Be an ongoing process, that is reviewed and updated as your family and financial situations (and laws) change over your lifetime
The Best Time to Plan Your Estate is Now
Our tax consultants are ready to help you get your estate in order. While no one wants to think about their own mortality or the possibility of being unable to make their own decisions, it is important to have these discussions before it is too late. At Robert Hall & Associates, we have seen so many families caught off-guard and unprepared when incapacity or death strike. Don’t wait until it is too late, get peace of mind now! Schedule your consultation today by calling 818.242.4888 or by filling out our online contact form.