1. Control and Protect Assets
With proper planning, you can control and protect your assets while you are alive, when you are disabled and after your death, give maximum asset protection for your heirs, minimize taxes and reduce the chances that your estate is lost or squandered.
2. Plan for Your Disability
Disability planning options are almost limitless. You can define your "disability", name the people who will be on you disability panel, give instructions regarding the care you are to receive, dictate where you are to be cared for (home, hospital, hospice, etc.) give guidance on how the care will be paid for, tell your family when to terminatae care and so on.
Disability and long term care insurance should be part of your plan.
3. Give What I Have
What you have includes more than just your checkbook. It includes your body and organs, your children, your values, your beliefs and your family legacy.
4. To Whom I Want
Your plan can include, exclude or provide for former spouses, stepchildern, children who have wandered off the path, other family members, charities, friends and pets.
You can include provisions for care and guardianship of minor or disabled children, divorce or remarriage. You can prevent assets from ending up in the hands of predators and catastrophic creditors.
Without proper planning, you could end up giving significantly less to your loved ones and significantly more to attorneys, the courts and the IRS
5. When I Want
You may want to wait to distribute the inheritance until an heir reaches a certain age, or starts college, graduates and wants to start a business, gets married and wants to buy a house, exhibits good money managememt skills, or any other number of reasons.
You may want to be able to prevent distributions if an heir has issues such as chemical dependency, gambling, catastrophic illness or disability, divorce and so on.
6. The Way I Want
You can weaken or build character with an inheritance. Your plan can include incentives and rewards that can accomplish many things including passing on your wisdom, values and beliefs, strengthening family unity and ensuring that your river of blessing flows to future generations.
7. All at the Lowest Possible Overall Cost to Me and My Loved Ones
It is not a matter of whether you will pay for your estate plan, it is a matter of when, and how much. A properly designed plan that is regularly reviewed and updated will cost less over your lifetime.
A cheap, poorly-designed plan may save some money up front, but will fall apart when you need it and may end up costing much more than no plan at all.
Not planning is free and not updating a good plan is free, but both significantly increase the costs if settlement.
If you would like to discuss any of these issues, please call Attorney Meg Goblet at 719-686-9700 for a free, confidential appointment.