It is a common misconception that estate planning is for only the wealthy. However, everyone has an “estate” and if you don’t do some type of estate planning, you may lose it! Without an estate plan, a large majority if your property, assets and money could go to pay the following:
- Taxes. When you die, you (or your estate) will have to pay a hefty estate tax. There are numerous planning techniques that can avoid or minimize what must be paid to the government for taxes.
- Probate. If your estate must go through the probate process, your money will be taken up with attorney fees, probate costs, personal representative fees, recording charges and many other expenses that take a chunk of your estate away from your family.
- Divorce. Even if your marriage is strong, what happens if you leave an inheritance to your child who later gets a divorce? There are legal strategies that are available to protect your child’s inheritance from future divorces.
- Nursing Home Poverty. Your estate can quickly dwindle if you are forced to pay for your own nursing home or other long-term care. If you plan ahead, however, you can protect your home and life savings from going to your medical expenses.
If you are interested in learning more about estate planning and how it can save you and your family time and money, contact The Curran Law Firm today.