Why Estate Planning?

Estate planning is an investment in you and your family. Estate planning is not about you, it is about them.  Planning is an investment in love designed to protect your spouse, children, and other loved ones.

Estate planning is a financial investment. Where else can you invest a dollar and get back $2, $3, or more? A plan on $300,000 estate (not uncommon) is $2,500. Probate and other expenses on that estate are about $18,000. You put in a $1 and your family pulled out $7.20. That is a 720% return on investment.

You protect family members who depend on you. If something happened to you, could your family continue to live in the same home? Would they have enough to pay for food? You help maintain their lifestyle.

Plan for the unexpected. You prepare for unexpected illness or injury. If you were to become very sick, keep your family on solid footing. Cover bills and other financial responsibilities.

You need planning because you want to protect your spouse and children from enduring the emotional roller coaster and expense of

• Getting a guardianship ($$$$)  in court so they can care for your health and finances
• The emotional torment and financial strain of probate
• Losing their inheritance in a divorce
• Being preyed on by a financial predator

 

You want planning to ensure your spouse and children never endure:

• The expense and emotional torment of probate
• Guardianship proceedings and cost ($$$$)
• Losing their inheritance in a divorce
• Paying for your long term care because of the never-ending ever-increasing costs of care
• Fending off financial predators

 

The main reasons people give, when asked, for estate planning are to

• Avoid family chaos and discord. Set and meet expectations of the family so there is no misunderstanding.
• Avoid probate.
• Protect children from mismanaging their inheritance, and estate taxes.
• Distribute assets in a timely manner instead of waiting on the courts.
• Make sure your wishes are carried out if you cannot make decisions.
• It is you last teachable moment.
• Blended families.

If you have minor children, you should nominate guardians in case both parents don’t make it until the children are adults. If you don’t name a guardian, a judge will make the decision without your input.

from Protecting You And Your Family http://ift.tt/29IQNKy


from DeWitt Law Firm, PLLC