Estate planning? I am not rich! Estate planning? I am not going to die!
Have you said that yourself many times? Yes, I know. I have said it too. It was not until my daughter was born that I really understood the importance and the need of having an Estate Plan. Here are some of the reasons to plan:
An Estate Plan is not just to transfer wealth at death. In fact, many Estates are not very wealthy.
The most important part of planning is protecting yourself. Yes! Who makes legal and medical decisions for you in the event of temporary or long-term incapacity? We do not want the court appointing a stranger to make sensitive decisions regarding our health and our money.
Then we protect your family, especially if you have young children. Who is going to be the guardian of your children if you are not able to care for them yourself? If you do not nominate specific people, the court will do so for you. They may choose who they believe is best, but will their choice be the right choice according to you? Maybe not.
It is then that we plan to protect your assets and we plan to make sure that if you are not around, yours will be able to continue to run your business or have enough to live decently. How? That is going to be an article in our next issue.
We recommend, in most cases, a trust-based plan. Why? Because it allows to cover most of the situations above. What’s the difference between a trust and a will? Read our post from July 11 or click on Will v. Revocable Living Trust and we will forward you the article.
If you are interested in knowing more of how we can help you protect your family, your business, your valuables and yourself with an Estate Plan that will meet the needs of your families, feel free to click Estate Planning Session or give us a call at 305-456-7158 and we will schedule a Legacy and Estate Planning Session for you.Either way, do not wait, be protected and have peace of mind knowing you have the right estate plan.
Yahima Suarez, PA