Estate Planning is a term commonly used to describe a plan for what will happen with assets upon the owner’s death. There is so much more to Estate Planning than death planning.
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! You heard right: “protecting yourself.” 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? Click here to read more.
The right time to have your plan in place is Right Now! Do not wait until it may be too late. Feel free to schedule your Legacy Planning Session here or give us a call at 305-456-7158 and I will be happy to review your family needs and make the appropriate recommendations for you and your family. My ultimate goal is for you to enjoy peace of mind.
Yahima Suarez, PA