Would you prefer that your assets stay in your own family? Sure - who wants to give their hard earned money and the assets they have accumulated over their lifetime to any person outside of their family? Without an estate plan, your child's spouse may end up with your money. If your child divorces, half of your assets could potentially go to that in-law spouse. With an estate plan, you can set up a trust that ensures that your assets will stay in your family, and pass down to your grandchildren.
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If you die, will your spouse and children be able to survive financially? Without an estate plan, if you go into a nursing facility before you die, your family will be unable to maintain its current living standard. With an estate plan, you can protect your assets and give your family financial security.
Were you aware that an inheritance can cost your child their disability benefits? Without an estate plan, a child with special needs may be disqualified from receiving benefits, forcing the use of his or her inheritance to pay for care. With an estate plan in place, you can set up a Special Needs Trust that will allow the child to remain eligible for government benefits while using the trust assets to provide more support for your child.
What if your family is a blended family due to prior marriages? Without an estate plan, children from prior marriages may be accidentally disinherited. With an estate plan, you can support your current spouse and provide for your children from a prior marriage at the same time.
Who will inherit your assets if you die without a will? Without an estate plan, your assets will pass to heirs the laws of North Carolina dictate. With an estate plan, you decide who gets your assets, when, and how they receive them. Plus, you avoid the expense of lawyers and the government for having to sort out the mess of not having an estate plan.
Who will raise your minor children if you die? Without a plan, a court will make the determination. With a plan, you are able to appoint a guardian of your choice, and save the costly expense of guardianship and/or child custody proceedings.
What if you become incompetent and unable to manage your own affairs? Without an estate plan, your family may be forced to file a lawsuit against you. With a plan, you select the person to manage your affairs and your family avoids court costs, legal fees, and emotional stress.
When you create an estate plan, you need the assistance of professionals from several fields. Primarily, you need to meet with the following:
- An estate planning attorney who can help you design and create your will and/or trust. Not only will this professional create your estate plan, they will ensure that your plan meets both federal and state law requirements. - A tax planning professional that can assist you in minimizing the amount of income taxes that your beneficiaries would be obligated to pay on the income and assets they inherit. - A financial advisor that can assist you in designing a suitable investment portfolio for your assets. Your financial advisor should be knowledgeable about estate planning needs and the laws concerning retirement accounts. When you work with a team, a team who routinely communicates with each other per your direction, you maximize your opportunity for your assets to grow with minimal impact to yourself and your beneficiaries. If you are unsure as to whether your estate is large enough to consider the services of an estate planning team, arrange complimentary consultations with professionals to determine whether their services are necessary. |
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