Creating an Estate Plan Protects Your Family
Who Needs an Estate Plan?
Estate planning is not just for families with a diverse collection of assets. Everyone has an estate, and can benefit from documenting their plans during their life and after passing. If you have a home, car, business, stocks or any other possessions, you have an estate that will be passed down to your beneficiaries. If you don’t adequately plan ahead, your loved ones could face a long probate process during a difficult time.
The attorneys at Lucé Law, PC can help reduce the tax bill a beneficiary faces. Additionally, we will legally document guardianship of your children and the management of your assets in the event of medical incapacitation. You can never be sure if an emergency will strike, but you can prepare for difficult times and protect your family.
What Should Be Included in an Estate Plan?
Our estate plans are always customized to the needs of our clients. Every family has different goals, and our attorneys are dedicated to providing peace of mind throughout the process. An effective estate plan will save you time and money throughout your lifetime, protect your rights and assets in cases of medical emergency – and ensure your relatives can access their inheritance without legal estate disputes and complex court processes. The following elements are included in many estate plans.
- Wills & Trusts
- Power of Attorney
- Beneficiary Designations
- Transfer of Assets
- Guardianship Designations
- Property Transfer
- Healthcare Directives
Lucé Law, PC creates estate plans that protect your family now and prepare you for the uncertainty of the future. Our estate planning services are thorough and comprehensive.
6 Benefits of Creating an Estate Plan
As an estate plan is personalized for the needs of each individual client, the benefits will often vary. Some of the following advantages will highlight why the estate planning process is so valuable.
1. Tax planning – Strategic estate planning can help your beneficiaries avoid high tax burdens. By structuring your assets in a tax-efficient way, more of your lifetime wealth is kept within the family, or distributed to charities of your choice.
2. Providing for loved ones – An estate plan allows you to specify how you want your assets to be distributed after you die. This includes providing for loved ones such as children or grandchildren. Careful planning will prevent family disputes and fraudulent claims on your assets.
3. Avoiding probate – Probate is the legal process of distributing a person’s assets after death. By creating an estate plan you can help avoid this costly and time-consuming process, ensuring your heirs have quick access to their inheritance.
4. Planning for incapacitation – An estate plan can include documents such as durable power of attorney and a living will. These allow you to specify how you want your affairs to be managed if you become incapacitated.
5. Protecting your assets – Estate plans help ensure that your assets are protected and preserved during your lifetime. In brief, it’s never too early to think about the best structure for your estate.
6. Reducing conflict – By clearly outlining your wishes, estate plans typically reduce the likelihood of conflict among family members or beneficiaries. Starting the process early can prevent future disputes between family members.
