Having an Estate Plan drafted is one of the most important and loving things you can do for your family. Not having a plan can be very expensive for your loved ones, both financially and emotionally.
The professionals at Weisinger Law Firm are ready to help you identify your estate planning needs, recognize potential solutions, and assist you at every step of the estate planning process.
What if the unthinkable happens and you pass away while your children are still small? What will happen to them? Choosing a guardian for your children is an extraordinarily important step in ensuring that they are taken care of how, and by whom, you choose. Without this guardian designation, a judge will be the one who makes the incredibly important decision of who will raise your children.
Take care ofFamily Bickering
It’s tragic, but sometimes siblings don’t get along after the death of a parent. An estate plan helps to alleviate infighting and gives you, as the benefactor, the opportunity to specify the role you want each person to play once you are no longer able to do so.
Stop heirs from overpayingEstate Taxes
One of the more important aspects of estate planning is transferring assets to heirs while keeping the tax burden as small as possible, and protecting your loved ones from big tax hits. Even with just a little bit of estate planning, couples can reduce much or even all of their federal and state taxes. But without a plan, the amount your estate may owe Uncle Sam could be substantial.
Peace of Mind
A major part of estate planning is designating which beneficiaries will receive your assets. Without an estate plan, the courts decide who gets what, and this process can take years and get very messy. A court doesn’t know which of your family members have been responsible and which ones shouldn’t have free access to cash. Additionally, without an estate plan in place, surviving spouse or children may not get everything.