Who Needs Estate Planning?
Estate planning isn’t about how much money you have, it's about protecting what you have for you, during your lifetime and for those you love after you’re gone. It ensures what you have gets to the people you love, the way you want, when you want.
Posted on August 11, 2016
If you were to die today, are you comfortable everything will be taken care of the way you wanted? Estate planning is legally ensuring things will be handled the way you want by providing sufficient instructions.
Estate Planning really is for everyone. It doesn’t matter if you have $40,000 or $4,000,000. You still have to plan for the future. Whether it’s to name a guardian for your minor children or ensure your children don’t blow through your assets if you unexpectedly die or become disabled (e.g., Terri Schiavo case).
Estate planning can only be done by attorneys, and it can be as simple as a Will, Health Care Documents, Living Will and Power of Attorney. It can also include a revocable, probate-avoidance trust, asset protection trusts, multi-generational tax-saving trusts, tax-saving charitable trusts, private family foundations, and many other fact-specific strategies.
Keeping your Estate Plan Current
Once completed, your estate plan should be reviewed and kept current with life events such as the birth, death, marriage or divorce of anyone included in your plan. In addition, you should review your plan if there is a significant increase or decrease in your finances or if the laws related to your estate plan change.
Milvidskiy Law Group P.C. offers a maintenance program that provides you regular access to us to make sure your estate plan stays current with your wishes, family, finances and law.
DISCLAIMER: Attorney Advertising. The information provided in this post is for informational purposes only and should not be construed as a legal advice. It is not intended to create an attorney-client relationship with a reader and should not be relied upon without first seeking professional legal counsel.
More from our blog…
What to Know About Being a Health Care Proxy
When you assume the role of the health care proxy of a loved one, you make crucial medical decisions on their behalf. If your loved [...]
Estate Planning: An At-a-Glance Overview
Estate planning, or legacy planning, entails preparing your affairs for the future, including death and other life events. While older adults might give more thought [...]
Estate Planning for Your Digital Legacy
One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital [...]
What Is a Qualified Personal Residence Trust (QPRT)?
A qualified personal residence trust (QPRT) is an irrevocable trust used to achieve estate and gift tax savings. The basic idea behind a QPRT is to [...]