Most people avoid thinking about how their family will survive without them when they eventually pass away. It will be very difficult to set up your estate plan in your last days, so make sure that you meet with an estate planning lawyer and get your arrangements planned out in advance.
In addition, by preparing your estate for that fateful day, you’ll save your surviving family time and money dealing with any estate complications. Everyone can benefit from an estate plan, whether you file a will or trust.
When you meet with an estate planning lawyer and begin to build an estate plan, you’re ensuring the protection of your estate and its fair distribution among your beneficiaries. One benefit of estate planning is the opportunity to reduce estate taxes. This is done by gifting stocks to charities or loved ones. This can be done directly or through a trust. By gifting these stocks, the original owner is able to lower the value of their estate. The gifted assets cannot be included in the value of the original estate for estate tax purposes.
Estate planning isn’t just about protecting your assets, however. You can also set up how you’d like to carry out your financial needs and healthcare should you become incapacitated. Setting up a power of attorney means you can ensure your final wishes. These can include instructions regarding the use of your finances to pay for medical bills or paying for family costs. In addition, medical instructions can be left behind regarding the continuation of life support. Make sure to discuss these financial and medical decisions with your family first to avoid future squabbles over the quality of your life.
Before you avoid drafting your final will and testament, consider the benefits estate planning could bring to you and your family. Contact the experienced estate planning attorneys at Temmerman, Cilley, and Kohlmann, LLP. We’ll can help bring you peace of mind knowing your estate will be safe and your last wishes will be respected.