If the only certainties in life are death and taxes, then smart estate planning should be a priority for all of us. Estate planning has four goals: Leave a legacy for family and heirs, plan for disability and assisted living, avoid probate and minimize taxes. Braun & Gresham estate planning attorneys use a wide array of tools such as trusts, partnerships, insurance, and conservation easements to accomplish these goals for their clients.
The ”No Plan” Plan
Horror stories about probate and end-of-life-decision-making usually involve people who did not plan their affairs. Without a plan, the State and Federal governments step in with a plan, which controls you and your property in the event you become mentally disabled, or at death. This plan may include
- Conservatorships and guardianships in you become incapacitated.
- Court proceedings governing end-of-life-decision-making.
- State control over who receives your assets at death, and if there is no one to receive it, that State takes title.
- How much you owe in estate taxes.
The “No Plan” estate plan is the most expensive plan for you and your loved ones, and usually produces the most disastrous results.
About Estate Planning
Regardless of the size of your estate, what you own, or what your family circumstances may be, a comprehensive estate plan is an essential tool for everyone. It is a “life-plan,” and does not just concern what happens to your assets when you pass away. It is motivated out of love for family, friends, and personal causes.
Comprehensive Estate Planning Allows You To:
- Maintain control over your person and affairs while you are alive and well, and have a contingency plan if you become mentally disabled.
- Avoid unnecessary placement in a nursing home.
- Control which family members make decisions for you if you are disabled.
- Provide security to loved ones, including future generations, and those who are dependent upon you.
- Avoid conflict and legal disputes at death.
- Transfer wealth to loved ones with as much or as little control as they may need and as you desire.
- Plan for assets owned in other states.
- Achieve your charitable goals.
- Coordinate your retirement planning, business planning, insurance and financial planning with your estate plan.
- Save every possible administrative expense, transfer cost, tax dollar, attorney fee and court cost you can.
An estate plan is not just a collection of fill-in-the-blank forms. The most effective estate plan is built upon effective communication between you and your advisors, and starts with a thorough discussion of you and your family circumstances to determine what is important to you to accomplish.
