Do not Procrastinate with Your Estate Plans
When most people think of estate planning, they often feel it is reserved for elderly people with considerable financial means. Any person with a family and assets of any kind needs to think about protecting what they have right now. There can come times when estate planning is simply too late and should have been done years earlier. There are many good reasons why you should not procrastinate with your estate plans any longer.
Your Assets are Exposed
Without estate planning, all of your assets including your car, your savings accounts, and your investments are exposed. If you get into a major car accident that is considered your fault and where the damages exceed your insurance limits, then you could lose everything in court. Estate planning can protect those assets and make sure that your family’s future is protected.
Your Long-Term Care is not Planned
When people think of long-term care, they envision themselves much older and living in an assisted living facility. But what if you are disabled through and accident or illness while you are still very young? You have not gone through the non-crisis Medicaid planning process, and you have not talked to an estate planning professional about long-term care planning. If you do not have the right plans in place, your long-term care could be in jeopardy.
Your Estate is at the Mercy of the State
Do you have a special needs dependent you would like to set up some sort of care for after you have passed on? Is there a special charity you would like to donate money too from your assets after your death? Without proper estate planning, these needs will probably not be met. When you pass away without estate planning, the state’s probate courts make all of the decisions regarding your assets. If the idea of the state controlling your assets is a concern, then you need to start estate planning now.
You Could be Exposing Your Family to Estate Taxes
If you do have considerable financial resources, then you could be exposing your family to significant estate taxes if you do not get involved in estate planning right now. A qualified estate planner can utilize various legal vehicles such as trusts to help shield your assets and protect your family from a significant financial burden.
Our firm understands that there are many reasons why people do not want to plan for their future. The future is a large unknown and we feel like we cannot control it. But if you make an appointment to see one of our caring estate planning lawyers today, we can help remove much of the doubt about the future of your family and give you the peace of mind you deserve.