IF YOU DON’T HAVE A PLAN TO PROTECT YOUR FAMILY & ASSETS – THE GOVERNMENT UNFORTUNATELY DOES!
The disruption that occurs when a person’s affairs are not in order at their death can be overwhelming and create unnecessary problems for their loved ones:
- No clear plan for disposing of assets to heirs and at the appropriate ages.
- Family members fighting over their inheritance.
- Uncertainly about who will raise minor children if the parents are gone.
- Fears that an inheritance left to a child may be lost to creditors, lost in a divorce, or lost because of poor money handling skills or a drug, alcohol or gambling addiction.
- A loved one in a coma or slowly dying in a hospital, unable to communicate, with no one clearly in charge of making medical decisions.
- Worrying about providing for the needs of a disabled or “special needs” minor or adult child.
- Families forced to sell their home or business because the government demands its “death tax,” and there are not sufficient liquid assets to pay it with.
- An extended nursing home stay destroying the assets of a family accumulated over a lifetime of hard work, leaving little or nothing for a surviving spouse or children.
Unfortunately, most of us fail to put together a plan that achieves these concerns. There are many approaches that can be used; some are relatively simple, while others are quite complex. The choice of the right plan for your situation requires careful consideration after receiving qualified professional advice.
Whether you are single or married, young or old, having an experienced lawyer prepare your estate plan can help you plan for these types of issues as well as help avoid the time-consuming, expensive probate process. You may also be able to reduce or eliminate the federal estate tax.
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Call Mark Klein today to discuss your specific estate planning needs.