Estate & Wills

Why Estate Planning Is The Best Use Of Your Tax Refund

When that extra bit of money from your tax refund lands in your bank account, it’s easy to start...

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When that extra bit of money from your tax refund lands in your bank account, it’s easy to start dreaming about all the ways you can use it. Financial experts may tell you that it’s a chance to pay off debts, tuck away savings for an emergency, or add to your retirement savings. You, on the other hand, may want to splurge on something special. However, there’s an often-overlooked option that not only provides immediate satisfaction but ensures long-term benefits for both you and your loved ones: Estate Planning.

In these digital days, more than ever before, there are strict financial institutional privacy regulations and physician privacy and confidentiality laws in place to protect a person and their belongings.  While on one hand, we want the protections these laws and regulations provide, on the other hand, it makes it nearly impossible to step in for a loved one who needs assistance to manage their financial and medical affairs without the right legal documentation.

You’ve probably heard you need a trust to keep your family out of court and maybe out of conflict in the event of your death or incapacity.  And, if you own any assets in your name at the time of your incapacity or death, without the right legal documents, your family must go to court for permission to access them. While you may under this, you still need clarification about whether you need a revocable or irrevocable trust. Since more and more, people are coming our way asking for an irrevocable trust, this article is designed to help you learn the difference between these types of trusts so you can be prepared to discuss your options. 

When considering estate planning, most people automatically think about taking legal steps to ensure the right people inherit what they have when they pass away. And these people aren’t wrong. Putting strategies in place to protect and pass on what you own is a fundamental part of the planning equation. However, providing for the proper distribution of your assets upon your death is just one part of the process. And it’s not even the most critical part.

If you have a current estate plan, I’ll bet you plan to leave your assets to your children outright and unprotected by age 35, or maybe a little later. Go take a look at your estate plan, and see what it does right now. And, if you don’t have an estate plan, and you have children or other people you care about, contact us today and let’s get that handled for you.