Estate planning is the process of designating who will receive your assets upon your death. In addition, estate planning also determines how your affairs will be conducted if you’re no longer able to make your own decisions.
Many people are under the misconception that estate planning is only for the wealthy, but everyone needs an estate plan. If you don’t have an estate plan in place when you die, the process of settling your affairs could have a costly and long-lasting impact on your family, regardless of your net worth.
In the case of complicated estates, especially those that involve businesses, comprehensive estate planning combines the benefits of traditional estate planning with asset protection planning. Estate planning ensures that your assets will pass to the next generation with the least amount of taxes and administrative inconvenience. With asset protection planning, you can rest assured that your assets will be protected during your lifetime from any unforeseen liabilities or unexpected lawsuits.
Take It a Step Further
Estate planning is all about shifting the wealth that you’ve accumulated during your lifetime to successive generations with the least amount of tax. It’s important to have an estate plan in place, especially as you grow older, to not only ensure that your assets are distributed to beneficiaries of your choosing, but in case a life-altering event should occur before your death.
Therefore, it’s important to work with an attorney that specializes in estate planning in order to put some very important estate planning elements in place. These include:
- Durable power of attorney documents for healthcare and financial decisions
- Health care directives and living wills
- Up-to-date wills with beneficiary designations
- Revocable living trusts
Wills and revocable living trusts work together because, while the majority of your assets can be placed into your living trust during your lifetime, other assets which are outside of the trust would have to pass through probate. These assets can be “captured” in your will and can then be dispersed to the intended beneficiaries.
Having these foundational elements in place will ensure that your assets will be passed to your beneficiaries without the expense and delay of probate. However, comprehensive estate planning adds layers of lawsuit protection and advanced tax planning structures to the more traditional estate planning.
For Your Benefit
The benefits of comprehensive estate planning are many. In addition to protecting your personal and business assets from the risks that come with lawsuits, this type of advanced estate planning will help you save on taxes while protecting your lifestyle and maximizing your access to income.
For over 30 years, Jeffrey M. Verdon Law Group has been providing their clients with estate plans that have superior protection to ensure financial security and provide peace of mind, knowing that they’ll have the assets necessary to provide for themselves and their loved ones.
Contact our firm today to discuss legal ways to protect your assets.