The Benefits of Estate
Planning: Most people know they should have an estate plan,
but they may not know exactly why. So they put it off and risk
dying or becoming incapacitated without one. An estate plan based
on your goals and the laws is a critical investment that will produce
returns far exceeding the costs.
 Without
it, unexpected incapacity or death places your assets at risk of
being depleted by taxes and fees and given to people who are not
the object of your affection. An estate plan (which may include one
or more TRUSTS,
a WILL, POWERS
OF ATTORNEY, an ADVANCE HEALTH
CARE DIRECTIVE, and a MARITAL AGREEMENT)
can avoid the risks. You can designate a guardian to care for your
children and an agent to make financial and health care decisions
on your behalf if you can't. Also, you can direct how your assets
are distributed and used, and preserve them by avoiding probate fees,
minimizing or eliminating taxes, and maximizing public benefits of
disabled or aged family members.
The cost is small compared to potential taxes
and probate fees.
The highest estate tax rate is currently 45%, and probate (the court
process of administering an estate) typically consumes 5% of an estate
and takes on average 16 months to complete. Taxes, fees, and delays
would only exacerbate your family’s grief. Moreover, estate
planning is not just for the old and wealthy. You may recall that Terri
Schiavo was only 26 when
she collapsed into a coma. With regard to wealth, the average family
would likely reap more benefits from an estate plan than a wealthy
family that would suffer little from high fees and taxes.
If you are ready to make the investment and achieve
peace of mind, we can help. Go to Estate Planning for further details.
To request a Practical Guide to Estate Planning, call or e-mail
us.
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"Doug, you’re a consummate professional;
everything went so smoothly."
Jon Sigman, COO, Payroll Service Plus & Beth
Sigman, M.A., CCC-SLP
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