The average American adult believes that estate planning is only necessary for millionaires and billionaires. People tend to think that estate law is too complicated and paying a will and estate attorney to plan the taxes, or set up a trust is an unnecessary expense. However, that is quite untrue. You need to consider estate planning for whatever fortune you have earned or inherited in your lifetime. It makes the process smooth and less expensive for your heirs.
Here are the top five reasons why we recommend estate planning for everyone –
It helps you avoid probate
Probate usually becomes a very long, frustrating and costly process. Avoiding probate should be one of the top goals for anyone regardless of the size of their estate. Seeking the help of an expert attorney can help you steer clear of the additional hassles and expenses that probates usually bring with them. An estate plan is the easiest way to avoid probate.
It aids the reduction of estate taxes
One can lose a significant part of his or her inheritance or earnings to federal estate taxes. Having an estate lawyer on speed dial can help you save tons by setting up AB trusts or revocable living trusts. Advanced estate planning techniques are ideal for married couples looking to save on estate taxes and inheritance tax bills.
It can protect your beneficiaries
An estate plan can protect adult beneficiaries from making poor financial choices, and it can protect the minor beneficiaries too. A great estate plan can keep creditor problems, outside influences, and ruthless divorce settlements at bay. All 50 states have estate laws that state that a minor beneficiary can have an appointed conservator or guardian, to oversee his or her needs till he or she becomes a legal adult.
It can avoid a mess
Not having a properly planned and constructed estate plan or a will can send your estate into probate after your passing. And this can create a hotchpotch of assets. A part of your home can go to your child, who wanted your NY apartment instead. Or, the unintended heir can end up owning controlling shares on your business. An estate plan can save all that suffering by having a practical draft of who should inherit what and when they will receive it, etc. Estate plans also protect the ownership rights of a person, in case he or she becomes mentally or physically incapacitated.
Protection of assets
Estate plans can protect your assets from future lawsuits. Asset protection planning can become a part of your estate planning right now if you are working with an experienced team of attorneys. Begin your future financial plans with an estate plan that can protect the assets and conserve it for you and your loved ones.
Getting a working estate plan will take care of your rights and the rights of your spouse, children and other heirs. It takes many worries off the table by outlining the inheritance plan and reducing the inheritance taxes the heirs have to pay. We recommend working with experienced estate planning attorneys such as the ones at the Law offices of Keane, Thomas & Pinnacoli . Your choice of the estate planning attorney and firm will influence the ease of planning and extent of savings.