There are subjects in life that need to be discussed, but many of us tend to avoid them. Issues like mortality and money top the list. As parents and children grow older, a must-have conversation should be the topic of estate planning, but do we know all that we should?
Even in the simplest of family situations, conversations that don’t occur frequently and in detail can result in fairly substantial family disagreements and disconnects—an estate plan is your best bet to ensure your loved ones are taken care of in your absence and that your wishes are carried out the way you want.
What are the benefits of an estate plan?
It allows you to:
- Preserve and maintain control over the transfer of your assets
- Protect your family’s privacy and possibly avoid probate
- Provide immediate access to liquidity
- Choose how your beneficiaries will receive assets
- Designate who will execute your wishes even if you’re just incapacitated
One thing to remember, it’s not just for the very wealthy. Most people have complicated lives and issues that need exploring — with children and maybe step children’s interests to protect, or a family businesses to pass on — most people, could do with some solid estate planning
Plus, there’s the federal government to consider. After all, no one wants the government getting any more money than is legally required. Some think they have knowledge of investments like IRAs and Roth IRAs, but even distributions from these accounts can be problematic if the aim is to “stretch” payments out to beneficiaries, tax deferred or tax free, for as long as possible.
To see what is involved, our attorneys can help you set up an estate plan. While it’s scary to think about life without family members and what that life may look like, ultimately it’s better to have a conversation and get a plan in place.