Estate Planning

Many people are reluctant to do estate planning.  They may feel that it takes too much time away from the business of living, or they may not want to think about disability or the end of life.  This is normal.  However, there are many reasons why every adult needs to do estate planning, no matter how modest his or her resources.  Here are just some of the reasons why estate planning by an experienced estate planning attorney is so important:

1. If you do not designate who is to receive your property, the state will decide for you, and the result may be not at all what you intended, especially if you have children from a prior marriage.
2. If you do not plan for and designate who is to receive specific assets such as your house, your jewelry, or your business, you increase the possibility of disputes between your loved ones and business partners, or the need to sell these assets in order to settle your final affairs.
3. If you do not have a durable power of attorney and healthcare power of attorney drafted by an experienced estate planning attorney who understands elder law planning and the unique needs of elderly citizens, your loved ones may not have the tools to take care of you and your finances if you are incapacitated.
4. If you do not plan for the transfer of your property upon your death, your property may be tied up in an expensive and lengthy probate proceeding supervised by the court.  An experienced estate planning attorney can help you with probate avoidance.
5. If you do not appoint a guardian for your minor children in a will, the court establishes a guardianship and appoints a guardian.  That guardian may not share your values and attitudes about how your children should be raised.  Furthermore, if a minor child or grandchild inherits property without a will or trust containing special instructions to the executor or trustee, an expensive and cumbersome court-supervised guardianship of property will probably be necessary, and the guardianship must end when the minor becomes 18 years old, not 21 or later.
6. If you do not understand the rules for estate and gift taxation and how spouses can maximize their exemptions from estate tax, your assets may be unnecessarily exposed to estate tax liability. An experienced estate planning attorney can help.
7. If you do not plan for your possible illness or incapacity, you may not know if Medicare or Medicaid will take care of you.  Estate planning provides peace of mind.