Do we know if we are going to become incapacitated? I think if we are honest, we would say the answer is no. However, do we know if we are going to die? We know the answer is yes. The following are the top 10 reasons why an estate plan is essential.
- Someone needs to be in place to take care of your financial and health
care needs when you can no longer make those decisions for yourself.
- Nominate someone to be the guardian of your minor children.
- Protection of your assets and decide who will receive them after you pass away.
- To provide for children of a prior marriage.
- To provide for the needs of a special needs person in your life.
- To distribute your estate down your bloodline and out of reach of your children’s spouses/ex-spouses.
- To provide your children with asset protection for the share you leave them.
- To provide retirement assets to your beneficiaries with a continued “stretch out” of the distribution.
- To ensure your family business stays intact with proper management.
- Keep your financial and personal matters private, and out of the public eye.
We have reviewed thousands of estate plans and what we often find is that personal and law changes are not in the plan which can cause beneficiaries to lose asset protection against their creditors, divorcing ex-spouses and loss of Medicaid spend-down protection.
If you don’t have an estate plan in place, now is the time to start the discussion with one of our experienced estate planning attorneys. If you have an estate plan in place but it’s been more than three years since you have had it reviewed by an attorney, it’s time for a checkup.
Contributed by Morris Hall, PLLC, Tucson and Oro Valley Estate Planning Attorney and Partner, Wendy W. Harn.
Why Choose Morris Hall, PLLC:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.