The Value of Comprehensive Estate Planning

In this my second Blog entry, I want to address an issue that many people go to great lengths to avoid thinking about: death.

Although it is at best an unpleasant topic, it is one that is necessary to consider in order to prevent your loved ones from the additional heartache and headaches that can result from inadequate advance planning. In order to minimize this added stress, it makes sense for most people to prepare a comprehensive estate plan.

Most people I talk to are intimidated by the word "comprehensive." I think that is due to the fact that many believe the term (when used by a lawyer) is simply a synonym for "expensive."

However, what comprehensive really means is that you are advised of all of the documents available to address the foreseeable situations that you or your family may encounter towards the end of your life.

For most people, a comprehensive estate plan involves more than just naming the beneficiaries who will receive their property. It includes appointing a guardian for any minor children you may have, as well as addressing the way in which your children receive their inheritance in the unfortunate event something happens to you before your children are able to manage a potentially significant sum of money.

Powers of attorney for medical and financial decisions are also advisable, as well as instructions and advance directives regarding end of life care and, in some situations, instructions regarding funeral arrangements.

Many clients require tax planning as well. In such situations, estate tax owed on the value of your assets at your death can often be minimized, or even potentially eliminated through appropriate planning techniques.

Finally, a review of your assets is always useful. From a legal standpoint, this review may uncover the need to transfer assets to allow a non-probate transfer to a spouse or your next of kin. Also, from a practical standpoint, this review may reveal an aspect of your financial situation that warrants further review, such as life insurance, retirement planning or the like.

The value of a comprehensive estate plan comes not only from the peace of mind that results when the documents are signed, but also from the fact that it permits the consideration of issues that are otherwise easy to ignore.

If you are interested in learning more about the estate planning process, feel free to contact me to arrange an appointment. If you have already scheduled an appointment, please take a moment to review and complete my estate planning questionnaire. It contains a summary of much of the information we will address in our first meeting.

Thank you once again for your time, and please visit often to learn more about legal topics that may be important to you.

Pursuant to Circular 230 promulgated by the Internal Revenue Service, please be advised that this summary is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal income tax penalties unless otherwise expressly indicated.

Keywords: will  power of attorney  guardian  estate plan  beneficiary  advance directives  advance planning 

Blog Archive
Related Topics