Contrary to popular belief, estate planning is not just about money or taxes. Far from it. Today, it’s more about protecting your assets for yourself and your loved ones, achieving your financial goals and safeguarding your health care. No money is no excuse to wait when it comes to estate planning!
Money and taxes aside, here are 7 good reasons you need an estate plan:
- Your Health care – Defining how your medical needs will be addressed in case you cannot make health care decisions for yourself is a primary objective of having an estate plan. You also need to consider how you will meet the costs of long-term care. You need to name someone to make decisions for you and tell them how you want them made. This must be legally documented or the person you want caring for you, cannot.
- Probate is an unnecessary, public and often expensive Court process that takes control out of your family’s hands and puts that control in the hands of a Judge who doesn’t know you or what’s important to you. A main focus of estate planning is keeping your family out of Court. Period.
- Family feuds. Family fights over how assets are divided and distributed are common when there is no estate plan and/or trusted advisor to guide family members. Sadly, these fights happen even when amounts of money are small OR even when there is no money at stake. Some of the biggest fights we’ve seen happen in storage units over sentimental items with no monetary value at all. If you don’t want your family to fight, you plan your estate.
- Beneficiary forms. You likely have several assets that cannot be passed along in a will alone. These include IRAs, life insurance, retirement plans and annuities, all of which are governed by beneficiary forms that specify who is to receive the assets upon the death of an account holder. Completing these forms properly is estate planning.
- Kids and parents. If you are currently responsible for the care of minor children, elderly parents or a person who has special needs you need a plan for the continuation of that care after you are gone.
- Managing assets. Is your spouse or other family member capable of managing all your assets? If not, you will need to name someone who is capable of doing this now so your assets will be managed wisely for the benefit of your family in the future.
- Business succession. If you own a business, you will need a succession plan to govern what happens to your ownership shares if something should happen to you.
If you would like to have a talk about guiding your loved ones through estate planning, call Pierchoski Estate Law today at 931.363.7222.
A Note from the Attorney, Stan Pierchoski:
The practice of law is a second career for me. After obtaining Master of Science degrees in both Nuclear and Mechanical Engineering, I worked in the Nuclear Power Industry for 15 years. Always having an interest in law, I attended and graduated from law school and founded the Pierchoski Law Firm in 2002 in Pulaski, TN. For several years I practiced as a criminal defense, trial attorney. After my parents passed I became interested in Trust and Estate Law and felt a strong calling to change my practice to the Estate Planning area.
For years I have been exclusively doing trust writing and wealth planning and have become proficient at it. Over the last several years my practice has evolved to serve all age groups including elders and Medicaid Planning. I am always open to your questions and am more than happy to chat with you about your concerns so give me a call or stop by my office. You’ll be glad you did!