I always get excited educating my community about the vital importance of protecting one’s assets and creating generational equity and wealth! Paying it forward is our legacy. Here, I briefly discuss the importance of estate planning. Remember, estate planning is not just for the wealthy—just about everyone needs estate planning in some form or another.
Many people express their wishes verbally to their families but don’t complete the proper legal planning necessary to carry on family values, create generational wealth or provide financial security to their legacy. I had an elderly client that procrastinated for years, putting off getting his estate documents together. At 70 years old, he can now live out his twilight years in peace knowing he finally executed his Living Trust, Will, and Power of Attorney documents. He’s set and his beneficiaries will be blessed!
Also, if you want to leave money or property to a loved one with a disability, you must plan carefully. Otherwise, you could jeopardize their ability to qualify for SSI and/or Medicaid benefits. By setting up a Special Needs Trust in your Will (or having these provisions in your Living Trust), you can avoid potential problems. Owning too many assets can disqualify someone from receiving certain government benefits. A Special Needs Trust with your loved one being the beneficiary of the trust may solve these problems.
Remember, without estate plan documents, the placement of your assets, minor children, bank accounts, and more will be determined by a probate court. This could result in arrangements counter to your wishes. Creating the proper estate plan allows you to determine how your financial legacy lives on.
At Granville Group Law Firm, we don't just explain the law to you, we explain how the law affects you. Is your estate in order?
For more information, visit Granville.Law.