Valid Reasons For Estate Planning-  Can An Attorney Help You?

Valid Reasons For Estate Planning-  Can An Attorney Help You?

Whenever we hear the term “ estate”, we conjure up ideas of the ultra-wealthy or the super-rich people. But this is not always true as estate planning is not something only meant for the rich. Irrespective of your financial status or family dynamics, anyone can reap the benefits of an estate plan – an amalgamation of documents that mention how you would like your assets to be disbursed among your heirs.

Despite estate planning being so important, most people neglect having one in place. As per a recent survey, only 45% of the American adults have estate planning documents like a living trust or a will. We had asked the lawyers from the Law Offices of Scott J. Goldstein about the benefits of having an estate plan and here’s what they said.

• You can make plan for your kids

Though this is an awful thought but have you ever wondered what your children would do if you and your spouse suddenly got killed in an accident?  Thanks to estate planning that you can have total control over the situation even after your demise. Why would you allow the courts to decide who gets what after your death when you have the option of of drafting a will for your heirs? With the help of estate planning, you can mention your financial wishes, appoint a guardian for your children and also leave instructions for the person.

A Special Needs Trust can provide your loved one with future financial security, while at the same time maintaining their eligibility for government benefits like Medicaid and Supplemental Security Income (SSI). These trusts allow for assets to be set aside in order to provide support for your family member without jeopardizing their access to essential services or resources. The trust can also protect against creditors and other potential hazards that may arise. In addition, a Special Needs Trust can enable you as the grantor of the trust to retain control over how funds are used so that the beneficiary is taken care of according to your wishes.

• You can easily distributive property

whenever your state has to go through the process of probate,  your near and dear ones have to wait for several months and often years to receive the desired payout.  This can be a stressful situation, particularly when the family is already dealing with financial crunch.  If you have a proper estate plan in place, this will expedite the process of distributing your property to your loved ones on time.

• You can make decisions easily

If you had to decide where to bury your family member or whether to pull the plug on someone who is in coma or whether or not a deceased person would prefer cremation, having a proper estate plan will help you make decisions easily. During times of crisis, making such decisions can be extremely painful and heartbreaking.  But by drafting a will or a living trust, you can make it easier for your family members to know your wishes after you die. Remember that you are the best person to decide what needs to be done with your assets.

• You can reduce your tax obligations

It is often believed that the only certainties in life are taxes and death but at the same time, estate planning does help you reduce your tax obligations. You have to understand that every dollar that you pay in the form of taxes is is a dollar that your family is not able to keep after your death. Hence, you should try to know about the tax reduction strategies and use them as soon as possible in order to live as much as you can for your loved ones.

So, now that you are aware of the benefits of having an estate plan, make sure you call an estate planning attorney and get your will in place.