Estate PlanningLearn More About Estate Planning Law
Estate planning is the process of legally planning for the settlement of your estate at the time you pass away and also determining how your healthcare is treated if you become incapacitated or unfit to make your own medical decisions. Most people do not even realize that they have an estate, but everybody has an estate. Your estate includes all of your belongings such as your automobiles, money that may be contained in a checking or savings account, investments, insurance policies, and of course real estate. Most people do not like to think about estate planning or believe that it is only for retired people, nothing could be further from the truth.
Estate planning is not simply dividing up your property when you die and determining who gets what, it is much more than that. Estate planning is also a means to protect your property in the event you end up in a nursing home or other long term facility before you pass away. Many people do not realize that if your estate planning is not done properly, assets such as your real estate can be taken by the government to cover the costs of your nursing home care or your extended medical care prior to your passing. Proper estate planning is essential for protecting the property that you worked your entire life to acquire. Good estate planning covers a lot more than simply who gets what when you die.
There are many reasons to have proper estate planning, most of which most people do not realize. These include just a few of the following:
Passing on your values to your loved ones and the next generation such as your religious beliefs, education, and your view of the world and what you would like to tell the next generation, it is simply not passing on property.
Health care instructions that determine the choices that should be made in your healthcare in the event that you become disabled before you pass away.
You might also name a person to manage the property that you give to children under the age of 18, these guardians will provide the distribution of your property to your children in the event they are too young or too irresponsible to manage money.
Estate planning is essential for passing on the means to provide family members that have disabilities without affecting their government entitlements.
The protection of the people that you love by providing protection for the inheritance you leave behind them from unscrupulous people they may encounter in their lives or from divorce.
Life insurance is also an important part of estate planning, through estate planning you do not simply hand the money over to a single beneficiary, which is common practice with most insurance policies; instead you provide a means of distributing the proceeds of a life insurance policy in the best way you have deemed for your family.
People who have a business certainly need to have a good estate plan in place, the distribution of a business if you become disabled or pass away is essential to a sure that the business you work so hard to make successful is not lost when you are no longer able to run it.
Most people put off estate planning because they don’t think they have enough money and property, because they’re not retired or simply because they feel they don’t have the time to do it. The simple fact is if you do not plan for your state, the state that you live in has a plan for you and you certainly will not like it and even more so your family will have to suffer because the state will choose how your property is distributed.
Estate planning also protects how much money and your property from being excessively taxed by the state and federal government. The cost of estate planning is only a fraction of how much the government shall tax your estate when you die, if you do not have a good estate plan in place.
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