Benefit Of Estate Planning

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BENEFIT OF ESTATE PLANNING

• Reduce Avoid Estate Tax When Possible

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INTRODUCTION

• If you're looking for help putting together your
  estate plan, you've probably considered using an
  estate planning attorney. But what does an estate
  planning attorney do and what are the benefits?
• Estate planning attorneys, also referred to as
  estate law attorneys or probate attorneys, are
  experienced and licensed law professionals with a
  thorough understanding of the state and federal
  laws that affect how your estate will be
  inventoried, valued, dispersed, and taxed after
  your death.

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Provide For Your Immediate Family

• The estate plan will provide enough money for
  your surviving spouse to continue to care for the
  family. If both you and your spouse pass, an
  estate plan will name appointed guardians to care
  for your children.
• Ensure property goes to the right beneficiaries.
  Your estate plan will outline exactly where your
  assets are to go in the event of your death. This
  leaves no questions to be resolved by the courts
  or cause for family discord.
• Minimize the expenses and taxes. When you take
  care to create an estate plan, you should be able
  to keep the cost of transferring any property to
  your named beneficiaries.

4
Keep Children Out Of Child Protective Services

• As unpleasant as this next thought is going to
  be, take a minute and ask yourself what would
  happen to your kids if you and/or your spouse
  were involved in a major car accident on the way
  home from work tomorrow?
• Why let your kids end up in Child Protective
  Services while the courts sort out who will serve
  as their guardian? Do you really want a judge to
  decide who will raise your kids without any input
  from you or your spouse?
• Good estate planning lawyer will make sure that
  your family is provided for and not left to face
  financial ruin once youre gone.

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Minimize Your Expenses

• Do you know where most of the money goes when
  people dont have a good estate plan? Attorneys
  fees and court costs.
• When you die without an estate plan (and without
  a living trust, in particular) the courts are
  forced to handle everything the distribution of
  your property, the guardianship of your children,
  the dissolution of your business. This is known
  as probate, and it gets very expensive easily
  exceeding 10,000 for even modest estates. Thats
  money your family and kids couldve used for
  living expenses and other bills, but instead,
  its just lining the pockets of your attorney.

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Get Property To Loved Ones Quickly

• You have two options here. Option 1, your family
  has to wait anywhere from 3-9 months to get
  anything after you die. Option 2, your family
  gets the money they need to pay bills, to pay for
  your funeral, to pay for your outstanding medical
  bills, and to pay for anything else they need
  right away and without delay.
• Which one would you choose? Good estate planning
  lets you avoid the big delays that can put a real
  financial strain on your family.

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Save Your Family From The Difficult Decisions

• Can you imagine trying to decide when to pull the
  plug on your spouse who is in a coma or similar
  condition? Or deciding how his or her remains
  should be handled?
• Those are heartbreaking decisions that no one
  should have to face. You can ease this burden by
  thinking about this kind of thing in advance and
  planning ahead for it. You can specify in your
  estate plan how you want end-of-life care to be
  handled and what kind of disposal arrangements
  you want to be made for your remains. And theres
  no one better to make those decisions than you.

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Reduce Taxes

• Benefits of estate planning also include reducing
  the taxes. Every single dollar that you pay in
  taxes is one less dollar that your family will
  have for paying bills and other expenses. There
  are numerous tax reduction strategies that you
  can use to keep as much money in the hands of
  your family as possible. The key is to start tax
  planning sooner rather than later and
  definitely not to wait until its too late

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Conclusion

• Without an estate plan in place, your family will
  get less and it will take them longer to get it.
  This means your loved ones will be left in limbo
  and might end up without enough money to pay
  bills and other living expenses. Its not
  uncommon for families with an unexpected death to
  nearly falling apart due to the financial strain
  in the weeks, months, and years to come.
• Contact with an expert estate planning attorney,
  who will make sure that your family is provided
  for and not left to face financial ruin once
  youre gone.