The Benefits of Estate Planning
Florida Estate Planning Attorney
Oftentimes, peoples wonder if estate planning is for them. Many people put off estate planning because they believe it is not something that they need to think about until they are old or ill. However, estate planning is not just for the elderly, the sick, and wealthy--it can benefit anyone.
Listed below are the top reasons why estate planning can be advantageous for everyone:
- When someone is involved in an accident and is incapacitated or they become disabled, the estate plan becomes indespensible. Within the estate plan you can designate someone to manage your affairs on your behalf and you can leave them specific instructions so that your wishes and preferences are carried out.
- A comprehensive estate plan can protect your property and your assets in the event of your death. It can keep them from being seized in court, taken by creditors or threatened in a lawsuit.
- With the help of an estate planning attorney you can customize your estate plan and make it work so that your family is left to pay the least amount of estate, gift, and generation-skipping transfer Taxes, capital gains and/or income taxes after you pass.
- You can work to make your estate plan stand up in court and discourage others from challenging it. There is a "no-contest" provision that you can include which can help assure you that your last wishes will be honored.
- In the event of your death, if you leave behind a spouse and children you can provide for them while still taking into consideration the possibility of your spouse remarrying. If your spouse was to remarry someone with children, you could rest easy knowing that your children's inheritance will still be protected.
- An estate plan can place restrictions on young beneficiaries who are given a large sum of money as their inheritance. Restraints can be placed in order to help the beneficiary in making wise choices in how they spend their money or what they must accomplish before their inheritance is accessible by them.
- Along those same lines, you can offer inheritance incentives to beneficiaries who make good life decisions. You can also place stipulations which could decrease the amount of their inheritance if they make poor life decisions.
- By preparing an estate plan you can also ensure that any beneficiary with special needs is adequately provided for in the event of your passing. The estate plan can make it so they receive government assistance without affecting their inheritance.
- With a comprehensive estate plan in place you and your family can have peace of mind so that your family and your estate will be left in good hands and that your beneficiaries will be properly provided for.
If you would like to learn more about the benefits of estate planning, please do not hesitate to contact Howard Wiener.