Gone are the days when estate planning was an activity reserved solely for the rich. We’re now in an era where uncertainties are rampant.
Now more than ever, more Queen Creek residents are beginning to acknowledge the importance of securing assets to protect themselves as well as their loved ones in the eventuality of any misfortune.
Whether you own substantial assets, have a growing family, or simply want to secure your future, hiring a Queen Creek estate planning law firm would be highly beneficial to your financial security.
Now, let’s talk about six reasons why estate planning is a must-have for everyone in 2023.
1. For child protection
Estate planning is especially important if you have young children who are not yet able to fend for themselves.
You get to make important decisions regarding their future, even if you’re not around to personally care for them.
By designating guardianship for your children in your estate plan, you can ensure that they will be placed in the hands of trusted individuals who will provide love, support, and guidance.
2. For tax evasion
Your estate attorney will draft a strategy that helps you legally avoid tax deductions from your wealth.
They would teach you about trusts, basis planning, installment sales, philanthropy, charity, and other tax-evasive strategies that can help you mitigate capital gains taxes.
With these strategies, you can balance your net worth and ensure that your future generation has a substantial amount to inherit.
3. For choosing heirs
No one plans to leave the earth unexpectedly. But then again, life can throw sudden misfortunes at us. With an estate plan in place, you can ensure that your wealth goes to your preferred person after your demise.
Your estate attorney will uphold all your financial wishes. Also, if you wish to allocate your assets to charitable organizations, estate planning provides the framework to make these choices.
4. For overriding wealth transfer taxes
Probate is one of the most challenging obstacles to wealth transfer. It’s mentally and financially straining, especially for the victims, who would like to move on as soon as possible.
With careful estate planning, you can eliminate any legal obstacle that would hinder wealth transfer after your demise.
Your estate manager would also ensure that your wealth remains intact and can continue to benefit future generations, whether it is used for educational purposes, starting a business, or providing for the financial security of your heirs.
5. For dodging circumstantial creditors
If you’re building a career in an industry prone to litigation, your best bet at safeguarding your assets would be contacting an estate attorney to devise an estate plan for you.
Trusts are the most common means used to safeguard assets against potential creditors. They help you ensure that your hard-earned wealth remains protected for the benefit of your loved ones and intended beneficiaries.
6. For appointing caretakers
You can bestow power of attorney on any person of your choice. This person is assigned the task of guardianship if you become incapacitated.
They can make decisions on your behalf and also control a specified quota of your wealth for a stipulated period. Your estate plan covers all of this agreement.
Final Thoughts
Estate planning is not only essential for financial security, it is also necessary for peace of mind.
You can rest easy knowing that all of your hard-earned assets are not liable to probate, the wrong heir, or even government restrictions. You can achieve this peace of mind with the help of a competent estate planning attorney.