Estate Planning Basics
WHY YOU NEED AN ESTATE PLAN IF YOU HAVE FAMILY AND LOVED ONES AND ANY ASSETS (NO MATTER HOW LITTLE)
Do you have any assets? You may not have millions invested but may own a house, have savings and personal items that are either valuable or have sentimental value to your family members and if you don't make provisions about who should get what, your family will have to go through the court system costing months or years of time and oftentimes more money in fees than a simple estate plan would cost.
Either way, whether you chose a Will or Trust to leave your assets, you need to know the consequences for choosing one over the other. Probate can be a lengthy process and relatives can contest your own will causing divisiveness among your heirs. Also there are dire tax consequences for leaving real estate in a will versus a trust. Planning ahead is a great way to avoid dissension among your family members and can avoid possible fights and bad feelings over relatively minor issues.
Estate Planning is essential for all families no matter what the income level. People often believe they do not need an Estate Plan and spend money on a “simple will” not realizing the potential detrimental effects this can have. Wills have to be probated, i.e. you go to court which can be lenghty and costly. Second, tax consequences for real estate differs when property is passed via Will or Trust. Many people call because they want to create a will for themselves without ever realizing that alternative solutions exist that could save their family member time and money.
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Tax laws have changed. Do you have a will or Estate plan that needs updating? We will review your plan for free and advise you of changes that may or may not be needed or desired.