Estate Planning Concerns:
- No Planning. There is the saying, "if you aim at nothing, you hit it every time." Estate Planning means having an important goal in mind, specifically, caring for our loves ones in the event of our death. Unfortunately, some people delay or totally neglect this important aspect of life, and fail to make plans for disability or death, leaving those decisions to others who may or may not share your values and priorities.
- Obsolete Planning. Even if you have done estate planning in the past, changes in your personal, family, and financial situations, moving to another state, as well as changes in the law could make your past planning obsolete.
- Minor Children. When we leave our children for a few hours or days, we leave them in the care of trusted and reliable individuals along with detailed instructions regarding our children's needs and care. When making plans in the event our deaths, are we as diligent about making appropriate plans as we are for when we leave them for only a short time?
- Asset Protection. Most people want to protect their assets during their lives and also leave their financial estates to their loved ones. What is the best way to protect assets for yourself and your loved ones? During your life and thereafter, protecting assets involves wise stewardship of the assets, insurance planning, and legal preparations. After your death, you may have concerns that your children or loved ones are not mature enough to handle certain financial responsibilities, or that their creditors will end up with the money you are leaving for them, or that someone else may take advantage of their newly acquired wealth. Proper estate planning can best prepare to meet those challenges.
- Joint Ownership of Property with Unexpected Consequences. Putting children or others as joint owners of valuable property (even for convenience purposes) can have devastating consequences. Creditors of such child gain ready access to your assets, or those assets could get tied up in the event of a legal disability of such child. Consult an experienced estate planning and asset protection attorney before making those types of decisions.
Call us at 303-429-0419 to talk with an attorney or schedule an appointment!
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