What is the Importance of Estate Planning?
In short, estate planning is so important because it eliminates the chances of any messes arising after you have passed on. If you want your loved ones protected when you can’t be there to do so, then an estate plan is the way to do just that. A few ways that estate plans can protect your family include:
- Protects Families with Young Kids
The thought of passing away as a younger parent with minors still living in the household is nothing that any person wants to imagine. Sadly, the reality is that this is a possibility. With a well-formed estate plan, you can ensure that your children will be taken care of until they become of legal age.
- Prevents Heirs from Overpaying Taxes
Good estate planning is about protecting your loved ones. When transferring assets to heirs, you want to create the smallest tax burden for them as possible. Without a plan, your heirs could end up owing the IRS quite a lot of money in taxes each year. Our estate plans are designed to be as tax efficient as possible, thereby minimizing taxes owed.
- Don’t Let Your Assets Go to the Wrong Beneficiary
By having an estate plan in place that has been created by a trusted estate planning law firm, you can ensure that your assets will go to the right beneficiaries when you pass on. Avoid any of the family arguments and make the important choices today, while you can.
Houser Law Firm Will Build You a Custom Estate Plan
Powerful documents such as powers of attorney are also part of the estate plan. These documents help avoid a court-administered guardianship if you become incapacitated. Our sophisticated and often proprietary estate planning tools and techniques assist in the transfer of wealth from generation to generation.
Some of the common documents that we use to create your custom estate plan include:
- Wills and living trusts
- Spousal Trusts
- Defective Sales to IDGTs
- Private Foundations
- Durable statutory powers of attorney
- Medical power of attorney
- Directives to physicians
- Declarations of guardians
- Declarations of guardians for children
- Donor cards
- Burial statements
Houser Law Firm also understands that many of our clients are charitably inclined. We will help you set up stewardship programs and tax plans to ensure that your goals can be achieved and your family financially protected.