Many folks in are concerned about other aspects of estate planning than just estate taxes. Many others would be concerned about these other aspects if they knew more about estate planning in general. So, for the benefit of the many out there who aren’t really sure why estate planning is important – here are a few reasons:
- What is going to happen to your spouse and children when you are gone?
- Do you want to avoid court involvement during the administration of your estate?
- Would you like to keep your estate matters private after your passing?
- If you have children from a first marriage – are they taken care of as well?
- Do you have a business? If so, who gets the business when you are gone? Who manages it?
- Do you have children with special needs? Have you protected them from a potential loss of government benefits?
- Do you have children who need asset protection?
- Would you like to reduce your income tax burden during your lifetime?
- In the event that you and/or your spouse become incapacitated, do you have the instructions prepared to avoid court involvement?
- Have you made plans for your long term care?
These are just some of the important reasons for why you may wish to discuss your estate plan with an estate planning attorney. Feel free to contact us to set up a consultation if you would like to get started with your planning.