Ten Reasons To Think About of Estate Planning
In this article, we’re going to look at ten things that a Temecula estate planning Attorney can do for you. The goal is to assist educate you on the advantages of estate planning and provide you a much better idea of why you ought to get your estate strategy looked after as quickly as possible.
Estate Planning Made Easy
# 1– Provide For Your Family
Without an estate strategy in location, your household will get less, and it will take them longer to get it. This implies your liked ones will be left in limbo and might end up without sufficient money to pay expenses and other living expenses. It’s not unusual for families with an unanticipated death to almost break down due to the financial strain in the weeks, months, and years to come.
Excellent estate planning will ensure that your family is attended to and not delegated face financial destroy when you’re gone.
# 2– Keep Your Children Out Of Child Protective Services
As undesirable as this next idea is going to be, take a minute and ask yourself what would take place to your kids if you and your spouse were involved in a significant car mishap on the way home from work tomorrow?
Think of it. Who will choose them up from school or daycare? Where will they sleep that night and the nights to come? Who will ultimately end up as their guardian?
If you do not have an estate strategy in location, then you may not like the responses to these concerns. Why let your kids wind up in Child Protective Services while the courts sort out who will serve as their guardian? Why leave that decision up to the courts at all? Do you truly desire a judge to choose who will raise your kids with no input from you or your partner?
# 3– Minimize Your Expenses
Do you know where the majority of the cash goes when individuals do not have an excellent estate strategy? Attorney’s costs and court costs.
When you pass away without an estate strategy (and without a living trust, in specific), the courts are forced to manage whatever: the distribution of your home, the guardianship of your kids, the dissolution of your business. This is referred to as “probate,” and it gets extremely pricey– smoothly going beyond $10,000 for even modest estates. That’s money your family and kids could’ve used for living expenses and other costs, however instead it’s merely lining the pockets of your attorney.
# 4– Get Property To Loved Ones Quickly
You have two options here. Choice 1, your family needs to wait anywhere from 3-9 months to get anything after you die. Alternative 2, your family gets the money they need to pay costs, to spend for your funeral, to pay for your extraordinary medical expenses, and to pay for anything else they need right away and without delay.
Which one would you select? Excellent estate planning lets you avoid the vast hold-ups that can put real monetary pressure on your household.
# 5– Save Your Family From The Difficult Decisions
Can you envision trying to decide when to pull the plug on your partner who remains in a coma or comparable condition? Alternatively, determining how his/her remains should be handled?
Those are heartbreaking decisions that nobody should have to deal with. You can alleviate this problem by considering this example in advance and planning for it. You can define in your estate strategy how you want end-of-life care to be handled and what kind of disposal arrangements you wish to produce your remains. Moreover, there’s nobody much better to make those decisions than you.
The Law Firm Of Steven F. Bliss Esq.
41593 Winchester Rd. #200
Temecula, CA 92590
Phone: +1 (951) 223-7000
Fax: +1 (858) 268-8664
Extraordinary Reason Why You Need an Estate Planning Attorney
# 6– Reduce Taxes
Every dollar that you pay in taxes is one less dollar that your family will have for paying costs and other costs. There are numerous tax decrease techniques that you can use to keep as much cash in the hands of your household as possible. The secret is to start tax planning earlier instead of later– and not to wait up until it’s far too late.
# 7– Make Retirement Easier
You might be amazed to hear that estate planning can benefit you while you’re alive, not just your family after you’re gone. Health care in particular is an area where estate planning can help you tremendously down the road by making sure you’re eligible for federal government benefits like Medicare (that you’ve been paying into the majority of your working life anyway, so you might too get something back), that can significantly reduce your healthcare costs and leave more cash to your enjoyed ones.
# 8– Plan For Incapacity
Estate planning is not almost dead. It’s typical for individuals to become crippled by a mishap or abrupt medical episode– like a stroke– that leaves them unable to handle their financial affairs.
If this occurs to you, who will look after paying your expenses or handling your health care? A power of attorney designation for both financial and healthcare choices can save your household a great deal of money and time and ensure whatever is managed according to your desires.
# 9– Support Your Favorite Cause
You may have heard that Mark Zuckerberg (the creator of Facebook) decided to sign up with Bill Gates and Warren Buffet in leaving the vast majority of his fortune to charity instead of his household. Even though you don’t have billions of dollars to delegate charity, you can still make a difference by supporting your preferred instructional, religious, or other charitable cause. Even if it’s just a hundred dollars, that cash can help others and make a distinction in their lives.
Businesses need an estate planning attorney as well
# 10– Make Sure Your Business Runs Smoothly
If you are a small company owner, then you absolutely must have an estate strategy. It’s one of the essential things you can do and is not optional. Without one, your business will likely fall apart quickly and entirely if something happens to you, which can trigger extraordinary financial difficulty on your family.
You have the opportunity to attend to an orderly transition to someone else and continue business by spelling out what happens if you end up being handicapped or die. Don’t do a disservice to your family by leaving these kinds of ends untied.
If you want to discuss your estate planning requirements with a Temecula estate planning attorney, call us to arrange a free preliminary assessment.
