Estate Planning

Several studies conducted in the past have shown that more than 60% of American adults haven’t taken time to set up an estate plan in the event of their death. There is a popular misconception out there that tends to associate estate planning with the super-wealthy. Estate planning is not a preserve for the rich. No matter your financial status or current family dynamics, you owe it to yourself and your loved ones to set up an estate plan to protect your family from distress later on. You probably know of or have heard of a family that has struggled after the death of their loved one who didn’t write a will or create a living revocable trust. Without a will or living trust, you could lose your assets to the State Department of Unclaimed Property, and your family could have a difficult time making follow-ups with lots of expensive and time-consuming court processes. It’s in your best interest and that of your family to plan ahead to avoid potentially long-lasting and costly consequences for your heirs upon your death.

But why is estate planning important?

Many benefits come with estate planning. The primary reason to have an estate plan is to protect the beneficiaries of your estate in the event of your death. Should you become mentally incapacitated or die without leaving behind an estate plan, it will be the courts to decide who gets your assets, a process that can be very costly, time-consuming, and can even get ugly at times. Also, an estate plan ensures your young children are cared for in a manner that you approve in the event of the unthinkable. If you have small children, you owe it to yourself to create a plan on how they will be taken care of in case something unexpected happened to you. Therefore, you’ll want to set up a will and name their guardians should both parents die before they turn 18.

Protects Your Beneficiaries From Big Tax Bites

One of the reasons people set up estate plans is to transfer assets to their beneficiaries with the smallest possible estate transfer tax burden. With an estate plan, you can considerably reduce federal taxes, state inheritance taxes, and state estate taxes. Without an estate plan, the amount your beneficiaries will owe the Internal Revenue Service could be a burden.

Eliminates Family Disputes

I’m sure you’ve heard of ugly disputes among siblings and other family members over a deceased loved one’s estate.  And do not let anyone lie to you that such disputes are a problem for the ultra-wealthy. Even when there’s little at stake, heirs still disagree about issues to do with sharing and control of finances, and who should be responsible for raising the deceased’s young children. Such disputes often escalate to time-consuming court battles. The point of having an estate plan is to avoid these fights and ensure your estate is handled in a way that you approve.

Generally, if you want your estate to be handled properly should you die or become mentally incapacitated, you’ll need an estate plan. Failing to create one could lead to family disputes, huge tax burdens, and potentially devastating consequences for your young children.

Contact A Professional Estate Planner Today

Now that you know how important having an estate plan is, it’s about time you find a professional estate planner and begin the process of estate planning. An estate planner will break down the benefits of having an estate plan in a manner that you’ll understand and advise you on how to streamline your current state of your affairs.

How can Leydorf Law Firm, PLLC help you set up an estate plan?

First, we’ll provide you with a Family Wealth Inventory and Assessment worksheet, which you’ll fill out and return it to us so that we can have the most productive time together. This assessment will help us understand the specifics of your situation concerning estate planning. After that, we’ll schedule a Family Wealth Planning Session in which we will explain to you the basics of estate planning, its importance, and other essential information. If you feel that your estate planning situation is not in order and you’re ready to work with us, we’ll go ahead and create an estate plan that will perfectly suit the needs of your family.

As professional estate planners, we’ll help you design a revocable living trust in which you’ll name the beneficiaries of your estate when you die. A revocable living trust can be changed as your circumstances or wishes change. This planning tool helps your family to avoid the cost and delays associated with probate, minimizes estate taxes, offers flexibility, and protects the privacy of the trust owner.

You can take advantage of our advanced estate planning services in case you have additional needs.

Why DIY Estate Planning Is a Bad Idea

Estate planning is somehow a complicated process that requires the intervention of a professional estate planner. Many times, DIY estate plans do not work because your choice of words is likely to have an impact on their implementation. Besides, as someone who has not drafted an estate plan before, you won’t know the elements that should be included in estate planning documents. It’s always a good idea to work with a qualified estate planner who will assess your situation and decide the best plan that will suit your needs and those of your family.

Why choose professional estate planners at The Leydorf Law Firm, PLLC?

Our professional estate planners at The Leydorf Law Firm, PLLC, will spend quality time with you and your family and get to know your situation. We’ll listen to your concerns, understand your goals, and provide answers to the questions you might have. Once we’ve understood your situation, we’ll design an estate plan that perfectly fits your needs.

Generally, everyone with a family needs to have an estate plan to eliminate the many problems that could arise if something unexpected happens. Parents with minor children are particularly advised to set up an estate plan as early as possible to ensure their children are protected in the event of the unthinkable. Stop procrastinating and work with professional estate planners to create an estate plan for the sake of your family. In case you’re looking for a personal family lawyer to help you with estate planning, look no further than The Leydorf Law Firm, PLLC.

Enter your email address and we'll keep you informed on all the ways we can help you prepare for your future.

Book an appointment with Personnel Calendar using SetMore

9.9 Nicholas A. Leydorf Nicholas A. Leydorf Reviews out of 40 reviews