Who Needs Estate Planning?
Estate planning isn't about how much money you have, it's about protecting what you have for you, during your life and for those you love, after you're gone. Proper estate planning ensures that what you have gets to the people you love, the way you want, when you want.
If you were to die today, are you comfortable that everything will be taken care of the way you wanted? Proper estate planning legally ensures that things will be handled the way you want by providing sufficient "instructions."
Estate Planning really is for everyone. It doesn't matter if you have $40,000.00 or $400,000.00. You still have to plan for the future. Whether it's to name a guardian for your minor children or ensure that your children don't "blow through" your assets if you unexpectedly die or become disabled.
Estate planning should only be done by attorneys, and it can be as simple as a Will, Health Care Power of Attorney, Living Will and General Durable Power of Attorney. Estate planning, in some situations, may also include a revocable, probate-avoidance trust, asset protection trusts, multi-generational tax-saving trusts, tax-saving charitable trusts, and many other fact-specific strategies.
Estate Planning Attorneys
Would you have your family doctor perform your heart surgery? Sounds like a stupid question, right? However, the same could be said for choosing the right attorney for your estate planning. Unfortunately, the legal profession does not permit specialties like the medical profession. You have to determine for yourself whether your attorney is qualified to guide you through your estate planning options.
The brochures and letters you receive from your bank, financial advisor, or brokerage firm often ask if you have put together your "estate plan." The fact is, your bank, financial advisor or brokerage firm can only help you with the financial planning aspects of your estate. You need a qualified estate planning attorney to draft the legal documents that create an estate plan for you. A qualified estate planning attorney will work with your financial advisor and accountant to create the best plan for you.
Many attorneys attend a short seminar to learn a certain area of law and then immediately add it to their existing law practice. The intricacies around estate, Medicaid, and tax planning are extensive. A qualified estate planning attorney must have a thorough knowledge of probate law, estate administration, trust, asset protection and Medicaid laws along with an understanding of income tax, estate tax, gift tax, generation-skipping tax, and excise tax laws. All of these areas intertwine and have a significant impact on your estate plan.
While attorneys may have some knowledge of the law and be able to guide you through certain parts of the estate or Medicaid planning processes, they will not be aware of the many exceptions and details an attorney who focuses his practice in the area of estate planning will know.
The attorney who does traffic court one day, divorce on another, and business law on the third day will not have the experience and knowledge of the intricacies of the laws that apply to estate planning as an attorney who devotes a major portion of his or her practice to this area. If you're need a divorce, find an attorney that focuses on divorce. If you want estate planning, utilize an attorney that focuses on estate planning.
Our goal is to take this technical and complex area of the law and present it in a way that is easy to understand. We guide people step-by-step through the estate planning process so that they can make the best decisions for themselves and their loved ones today and for tomorrow.
