Estate planning is one of the most vital, yet overlooked, aspects of personal finance, says local attorney Tonya Palmer.
“Most people consider estate planning to be only for large estates or elderly individuals, but nothing could be farther from reality. It’s crucial for everyone. Estate planning isn’t just about wills and inheritance – it’s about ensuring your wishes are carried out when you can no longer make decisions for yourself and protecting your loved ones in the process,” she explained. “Without a plan, the courts will decide for you – it can take years, cost massive fees and turn ugly for those you leave behind to clean up the pieces. You have no control over who gets what you have worked so hard to obtain.”
Palmer said estate planning is especially important when you have a blended family, as the division of assets is not always cut and dry.
“No matter your social status, an estate plan is an invaluable gift to your loved ones,” she continued. “Estate planning allows you to choose who will inherit, minimize family disputes/legal battles, name your minor children’s guardian in the event of your untimely death, reduce taxes and secure your family’s financial well-being.”
Palmer’s expert advice for safeguarding assets for families, retirees and business owners?
“Families and retirees should have insurance policies in place to cover expenses and pay off debts,” she said. “They should also use trusts, which allow your family to bypass probate courts, ensuring faster asset distribution without public record exposure; shield assets from potential lawsuits, creditors and other financial risks; reduce estate and inheritance taxes, preserving more wealth for your loved ones; and give you the flexibility and control to dictate how and when beneficiaries receive their inheritances.”
Business owners, she said, should focus on ownership structures and succession planning, as well as trusts to protect business assets, ensure the smooth transfer of responsibility/ownership, even in the event of your incapacity, to continue to provide for your family and provide tax solutions.
Palmer advises that early adulthood is a good time to begin estate planning.
“It allows you to lay the foundation and consider tax-saving strategies. Mid-life is the point in life when you should focus on protecting what you have built. Retirement age is the time to secure your future,” she said. “Don’t forget major life events, such as births, death, divorces – these should prompt a check-in and updates to your estate plan. Planning now rather than placing those difficult decisions on your loved ones, especially during times of grief and uncertainty, provides you with peace of mind knowing that you have helped to ease the burden on your family.”
Palmer Law Firm is located at 1939 Main Ave. SW in Cullman, and serves clients in and around north and central Alabama.
“We know legal matters can feel overwhelming,” she said, “but you don’t have to navigate them alone. Whether it’s estate planning, probate, family law or elder law, we’re here to help.”
Find Palmer Law Firm online at www.tcpalmerlaw.com.
"Most people consider estate planning to be only for large estates or elderly individuals, but nothing could be farther from reality. It’s crucial for everyone. Estate planning isn’t just about wills and inheritance – it’s about ensuring your wishes are carried out when you can no longer make decisions for yourself and protecting your loved ones in the process."