The Importance of Estate Planning

  • By Admin
  • •
  • 10 Feb, 2017
  • •

Too many people neglect estate planning, so that when the time comes, children and family members must face the unpleasant task of determining who will get all of the things you spent your life accumulating. Many people assume that estate planning is only for the wealthy, but the truth is that even if your home isn’t expensive and you don’t have large investments, there are good reasons to consider making plans for your future.

Too many people neglect estate planning, so that when the time comes, children and family members must face the unpleasant task of determining who will get all of the things you spent your life accumulating. Many people assume that estate planning is only for the wealthy, but the truth is that even if your home isn’t expensive and you don’t have large investments, there are good reasons to consider making plans for your future.

Make Decisions Based on Your Preferences

Without a plan, the courts decide what to do with your assets. Many people assume that the surviving spouse will automatically get property and other assets, but this isn’t the case. Your spouse or children could be left without the assets that would support them after their loss. If you have young children and haven’t made an estate plan, the courts will determine who will provide care for your children. Is this a decision you feel comfortable leaving in the hands of strangers?

Protect Heirs From Too Many Taxes

Another reason you need to arrange a will is to protect your heirs from paying too many taxes. It only takes a little bit of planning to protect your heirs from taxes, such as:

  • Federal estate taxes
  • State estate taxes
  • State inheritance taxes

Avoid unpleasant family disagreements, keep things out of the hands of the courts, and keep taxes down with an estate plan. To speak with an estate planning lawyer, contact Steve C. Benton today.

Disinheriting People From Your Will: What You Need to Know

By Admin • December 8, 2017
Estate planning is an important part of life for everyone. It is crucial that you have your financial house in order before you pass away so that everything is handled as per your wishes. One major thing to consider is who will receive an inheritance upon your death. When making your will, you can include those to whom you wish to leave money or property.
For one reason or another, you may decide that you wish to disinherit someone you have included in your will. That is your right, no matter what anyone else may think. There are several things to keep in mind when you intend to disinherit someone from your will.

Two Types of People Who May Benefit From a Living Trust

By Admin • October 10, 2017
If you are beginning to engage in estate planning, or are just looking to make adjustments to the plan that you already have in place, you may want to consider establishing a revocable living trust. This is very different than just creating a will.
Although both will eventually get the contents of your estate to your beneficiaries, a living trust offers you additional benefits while you are living. A living trust is not for everyone, but you may want to consider it if you fit into one of these two categories.

Living Trusts in California: Frequently Asked Questions

By Admin • August 8, 2017
When you hear the words "estate planning," you may assume this is only an issue you need to face if you're older, or that it is a problem reserved for the wealthy. However, no matter your age or how much money you have in the bank, it is important to protect your assets and loved ones from unnecessary heartaches, squabbles and costs after you're gone.

One of the best options for many people is a living trust. You may be familiar with the idea of a trust or will but not sure what exactly a living trust is and if it is the best option for you and your family. Here are a few frequently asked questions you might have about living trusts.

Protect Your Family By Securing Your Assets - Avoiding Mistakes In Estate Planning

By Admin • June 23, 2017

Facing your own mortality can be a difficult challenge for anyone. It may not be particularly pleasant to imagine the world after you've left it, but if you've spent your life working hard to build a strong financial base, it's important that it can be passed on to your loved ones with minimal restrictions and interference.

Unfortunately, there are some common traps that many people fall into when planning their estates. In some cases, those traps may not even reveal themselves until the estate is executed, by which time it's far too late to fix the problem. The best way to minimize those concerns is to take the time to learn about common traps and ways you can avoid them.

Below, you'll find a guide to common estate planning mistakes that you should keep in mind when working with your attorney. Solid estate planning will be a massive relief to your family and interests after you've passed on and will allow you to leave a legacy that you can be truly proud of.

5 Essentials You Need to Understand About Estate Taxes

By Admin • April 10, 2017
Worried about estate taxes? Want to protect your estate from taxation after your death? Then, proper estate planning  is critical. First, however, you may want to understand a few basics about estate taxes. Here's what you need to consider.