Sometimes it can be helpful to stop and reflect over some of the important things in life. Certainly, estate planning qualifies as being an important consideration for all of us.
Here are a few things you might want to consider:
- Estate planning reduces stress. It can avoid court, taxes and conflict.
- Estate planning can be misunderstood. Some people think that all trusts protect assets or that having a trust or will is enough to avoid probate. Neither is true.
- Estate planning can protect assets. A good financial power of attorney is a powerful tool to accomplish that goal.
- Estate planning works better when it is communicated to others. Discussing your plan can avoid uncomfortable or unpleasant arguments arising after a loss, when emotions are already raw.
- Taking a team approach to estate planning by involving your financial advisor, your CPA and your estate planning/elder law attorney can ensure that all your estate planning goals are met.
- Estate planning is a gift to yourself because it can provide you with peace of mind. It is also a gift to others because it can make life easier for the people you love.
- Estate planning takes effort, but it is worthwhile. Of course, if you have any questions regarding your estate planning, please do not hesitate to contact our office.