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Estate Planning Goes Beyond Just Avoiding Taxes
While estate planning is important for avoiding unnecessary taxes and for making sure that your assets are passed on to the next generation in accordance with your wishes, there is another benefit that is rarely talked about. Establishing a plan and having your financial affairs in order can afford you a tremendous amount of piece of mind. You’ve worked hard for what you have and having a solid plan can help you thrive and enjoy everything that you’ve worked for.
A comprehensive plan is much more than just a financial plan for the future. At Silber Bennett we embrace a team approach and work with our clients to craft the financial aspects of your estate plan, as well as working with your attorney for the necessary legal documents that will make your plan a success. While each client’s needs are different, an estate plan can easily include the following documents:
Revocable Living Trust: A trust that goes into effect during the creator’s lifetime and can be revoked.
Protection Trust (Irrevocable Trust): A type of trust that cannot be changed or altered after it is created.
Last Will and Testament: A legal document that dictates who will receive your assets when you die. If you have minor children then your will can also appoint a guardian to take care of your kids in case you die while your children are still minors.
Health Care Power of Attorney: A legal document that names someone to make medical decisions on your behalf if you are incapacitated and unable to speak for yourself.
Financial Power of Attorney: A legal document that names someone to make financial decisions on your behalf if for some reason you are not able to speak for yourself.
Why Is Estate Planning Important?
Many people put off estate planning because they are uncomfortable thinking about a time in the future when they may be incapacitated or dead. While this sentiment is completely understandable, planning for the future is very important and is certainly worth the hassle. If you need a bit of convincing check out the American Bar Association’s list of things that estate planning can do for you. This list includes:
Need Legal Advice?
If you are ready to create an Estate Plan, or if you are interested in modifying a plan that you already have, contact our offices for a consultation with our partners at AmeriEstate Legal Plan today. The documents involved in an Estate Plan can be complicated, but their dedicated team is happy to answer any questions that you have. Let Greg Reese use his years of experience in estate planning to help you craft a Plan that meets the needs of you and your family.
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