Roughly 10,000 Baby Boomers will turn 65 today, and about 10,000 more will cross that threshold every day. (Pew Research)
With the massive increase in baby boomers retiring over the next decade, proper estate planning is more important than ever! When you are looking for an estate lawyer to assist you with planning — experience and knowledge from a reputable attorney is key.
What is estate planning? Estate Planning isn’t just about protecting assets, it’s about peace of mind for you and your loved ones. Our comprehensive approach is a cost-effective “no homework” way to protect your assets and prevent disputes that might arise in the future.
Don’t be tempted by “Do It Yourself” guides and kits. I have known experienced professionals whose loved ones have seen estates ruined by poorly thought-out cookie cutter solutions that left families vulnerable to taxes, litigating family members, probate, guardianship issues and unknown creditors.
Here are a few questions to consider:
• How do I insure the financial security of my spouse and children?
• How do I avoid family conflicts and ensure equitable treatment of my children?
• How do I minimize the conflict and expenses of probate?
• How do I insure my loved ones can legally make decisions for me if I become disabled?
• How do I provide for minor children if I die?
• How do I ensure my assets are arranged so they easily transfer to my loved ones at the time of my death?
• How do I minimize estate taxes at the time of my death?
A poorly implemented estate plan (or no estate plan) can cause unnecessary hardships for you and your family. Administration & court fees, family conflict and, sometimes, taxes can quickly burn through any assets an estate might have.
3 Things You Should Know About Estate Planning
• You need a plan for the cost-efficient and orderly transfer of assets to your loved ones when you die.
• You need to insure that if you become disabled a loved one or trusted advisor has the ability to make financial and healthcare decisions for you.
• You need to keep the courts out of your family’s life. The legal fees for probate and guardianship court can be for example, a $500,000 estate in California will result in probate fees of $13,000 or more. These fees could be avoided with a properly funded trust.
Ted Hankin is an experienced attorney who regularly deal with complex trusts, guardianships and probate issues. If you or your loved ones are looking for an attorney who is committed to your future, speak to Ted for a free initial consultation.