Do I need to have an Estate Plan?
Historically, estate planning has been about planning for death and taxes. No wonder no one wants to do it! Estate planning is no longer about just planning for death and taxes. For people who are not concerned about who gets what after their death, you can rest assured that your state legislature will have a plan for you.
If you feel confident that nothing will ever go wrong in your family, you may not need to plan. If you are sure your spouse will live comfortably after you die, you may not need to plan. If you are sure your children will never get divorced or will never get sued, you may not need to plan. If you are sure your grandchildren will not need your help to get a college education, you may not need to plan.
Let’s face it, most of us do need to plan. If you want to protect our loved ones and provide for their future as best you can, then you do need a plan. Proper estate planning is no longer about how much wealth you have accumulated, it’s about what and who are important to you.
For instance, let’s say there is a widow with two grown children who has nothing but a house and $200,000 in life insurance. What if that widow’s son has a drug and alcohol problem? Wouldn't she be concerned about him using up any amount she leaves him for drugs and alcohol? Wouldn't she feel better if she were leaving money to him in such a way that he couldn't use the money for drugs and alcohol but, the money could be used for his rehabilitation? It’s not about having a large estate; it’s about providing a sense of comfort and well-being for you and your family.
An estate is never too small to plan for proper planning.
LAW OFFICES OF SUZANNE M. GRAVES, INC.
A Professional Corporation
Suzanne M. Graves
Attorney & Counselor at Law