Top Reasons you Need an Estate Plan

There are many reasons people postpone taking action to create an estate plan. However, there are many extremely important reasons you should set aside the excuses and schedule an appointment with our knowledgeable estate planning attorney:

• Avoid probate . You have probably heard that the probate process can be expensive and time-consuming. There are a wide variety of probate horror stories out there. This alone should motivate you to create an estate plan in order to protect yourself and your loved ones.
• Reduce estate taxes . If the thought of the vast majority of your wealth being paid to the state and/or federal government instead of your loved ones makes you feel ill, you need an estate plan. Inheritance taxes can be significant, but with a little planning and the help of an estate planning attorney , you can reduce or possibly eliminate estate taxes. We can help you set-up a trust and use other estate planning tools to lower estate or inheritance tax bills.
• Protecting beneficiaries . One of the most important reasons to have an estate plan is to protect your loved ones. Your estate plan can protect minor beneficiaries as well as protect adult beneficiaries from bad decisions, issues with creditors, or divorcing spouses. In the case of minor beneficiaries, you can save your family time and money by designating a guardian and trustee for them.
• Asset protection . Your estate plan can also be an asset protection plan. However, it is essential to establish your estate plan before you anticipate a lawsuit. Once a lawsuit has been threatened, it is too late to protect your assets. A comprehensive estate plan can protect you during your lifetime as well as protect your beneficiaries after you die.