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    • EstateMents 2019

So Important Even A Caveman Should Do It

7/28/2014

2 Comments

 
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Why is it that over 80% of Americans don't have a proper, current estate plan in place? When should people start planning what will happen to their estate? Why should families with small estates still engage in proper estate planning?

Well, let me tell you...

Many people think that for estate planning to be worthwhile, they need to have a taxable estate or significant value to worry about, however those people tend to overlook the greatest value that estate planning can have for them. For estates under the current taxable limit (a $5 million dollar exemption amount this year) the greatest benefit of estate planning comes from peace of mind. For instance, a proper estate plan can:

  • Avoid necessary guardianship/ conservatorship proceedings in the case of incapacity.
  • Designate who will care for your children in your absence.
  • Avoid family fights/ court battles in your absence.
The times of oral agreements where your neighbor agrees to look after your sheep when you pass on are gone. Rather, in today's modern probate system proper documents are critical to streamline issues and avoid unnecessary delays, costs, and headaches.  Thus the greatest benefit of estate planning for the average American family has nothing to do with the value of their estate. Once a family has their first child or purchases their first home, they should begin engaging in proper estate planning of one level or another. So, whether you're a millionare or a caveman, is your estate plan taking care of you?
 
2 Comments
Jonathan Hansen link
9/14/2020 10:25:13 am

It's valuable that you point out that estate planning is important for making sure that your wealth is distributed correctly after you die. I want to make sure that my kids get as much of my money as possible, so I'm considering hiring an estate planning lawyer. I'm going to search in my area for a good estate planning lawyer that I can hire.

Reply
Zachary Tomlinson link
1/19/2021 02:51:35 am

Wow, I had no idea that an estate plan allows you to avoid asset transfer inconvenience if ever you become incapacitated. I'll recommend this to my uncle, who wants to make sure that most of his assets go straight to his son. This way, he'd feel at ease to learn that his son can reap what he sows once he grows old enough.

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