Why Estate Planning Goes Beyond Just Avoiding Taxes
While estate planning is important for avoiding unnecessary taxes and for making sure that your assets are passed on to the next generation in accordance with your wishes, there is another benefit that is rarely talked about. Establishing a LifePlan and having your financial affairs in order can afford you a tremendous amount of piece of mind. You’ve worked hard for what you have and having a solid LifePlan can help you thrive and enjoy everything that you’ve worked for.
What Is A LifePlan?
A comprehensive LifePlan is much more than just a financial plan for the future. At The Law Offices of David L. Carrier we embrace a team approach and work with our clients’ banks, financial advisors, and brokerage firms to craft the financial aspects of your estate plan, as well as drafting the necessary legal documents that will make your plan a success. While each client’s needs are different, an estate plan can easily include the following documents:
- Revocable Living Trust: A trust that goes into effect during the creator’s lifetime and can be revoked.
- Protection Trust (Irrevocable Trust): A type of trust that cannot be changed or altered after it is created.
- Last Will and Testament: A legal document that dictates who will receive your assets when you die. If you have minor children then your will can also appoint a guardian to take care of your kids in case you die while your children are still minors.
- Health Care Power of Attorney: A legal document that names someone to make medical decisions on your behalf if you are incapacitated and unable to speak for yourself.
- Financial Power of Attorney: A legal document that names someone to make financial decisions on your behalf if for some reason you are not able to speak for yourself.
Why Is Estate Planning Important?
Many people put off estate planning because they are uncomfortable thinking about a time in the future when they may be incapacitated or dead. While this sentiment is completely understandable, planning for the future is very important and is certainly worth the hassle. If you need a bit of convincing check out the American Bar Association’s list of things that estate planning can do for you. This list includes:
- Providing for your family after you’re gone;
- Allowing your beneficiaries to access their inheritance quickly;
- Minimizing the taxes that your estate will be required to pay;
- Easing the strain on your family by making funeral arrangements for yourself before you die; and
- Ensuring that your business continues smoothly after you pass away.
Need Legal Advice?
If you live in Michigan and are ready to create a LifePlan, or if you are interested in modifying a plan that you already have, contact our offices for a consultation with David L. Carrier today. The documents involved in a LifePlan can be complicated, but our dedicated team is happy to answer any questions that you have. Let David Carrier use his years of experience in estate planning to help you craft a LifePlan that meets the needs of you and your family.