Top Ten Reasons To Have An Estate Plan

    1. Disinherit Someone. Did you know that certain family members are entitled to some of your assets when you pass away unless you provide otherwise.

  • Protect Your Family Business. Set up your family business to pass smoothly from one generation to another without imposition of estate taxes and without interference from outsiders.
  • Protect Assets from Creditors. Your assets can be protected from creditors, and your heirs inheritance can be protected from their creditors or spouse.
  • Provide for A Person with Special Needs. You can put assets in trust for someone in need, while protecting them from creditors and making sure that what you give them does not disqualify them from receiving Medicaid medical expense coverage.
  • Avoid Capital Gains Taxes. Improper planning or use of joint ownership can result in beneficiaries paying large capital gains taxes.
  • Maintain Control of Medical Affairs. Important decisions regarding your medical care could be left to the court if you have no estate plan in place.
  • Avoid Estate Taxes. With simple planning, you can avoid paying estate taxes which are imposed at rates of roughly 50%.
  • Avoid Lifetime Probate. If you are incapcitated, your assets may be comsumed by costly guardianship and conservatorship proceedings, unless you a proper estate plan in place.
  • Avoid Death Probate. Death Probate usually consumes 5-10% of your estate, unless you have a plan that protects your assets from the court system.
  • Who Will Raise Your Minor Children? The court does if you die or become incapcitated, unless you nominated a guardian and conservator in writing ahead of time.

Categories: Estate Planning
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