Estate Planning
“Planning is bringing the future into the present so that you can do something about it now.” – Alan Lakein
At the beginning of each new year, many people turn their thoughts and attention to making a fresh start, whether that includes more exercise, better organization, or tackling items that have been moved to the bottom of the “to-do” list. According to a study done by the University of Scranton, statistics show that on average only 8% of people who make a resolution are successful in achieving them, and almost half of resolutions never make it past the first month.
For many, estate planning is among those items on the “to-do” list that never seems to get done. Estate planning is making sure that your “stuff” is handled as you want it, but also planning to make sure your kids will be taken care of should something happen to you. Unfortunately, if something happens to you and you do not have a Will, State law controls who becomes guardians to your children and what happens to your possessions.
Reasons For Estate Planning
Most importantly, estate planning allows an individual’s wishes to be carried out after their death. These wishes may include leaving items or assets for loved ones, ensuring a surviving spouse will be taken care of, providing tax benefits to beneficiaries receiving assets, or leaving a legacy to a particular charity, church, or non-profit.
Benefits of Estate Planning
Creating an estate plan helps ensure an individual’s wishes will be carried out as opposed to a court determining how an individual’s estate will be distributed. An estate plan can limit the costs of administration and prevent delays in the distribution of important items and gifts to loved ones. An estate plan can also reduce taxes of the individual while they are alive as well as limit tax liability for beneficiaries.
A simple estate planning package for one person consists of 4 documents: a Simple Will, a General and Durable Power of Attorney (financial matters), a Medical Power of Attorney, and a Living Will.
Have questions? See here.
Contact us today to finally remove this item from your to-do list!
For many, estate planning is among those items on the “to-do” list that never seems to get done. Estate planning is making sure that your “stuff” is handled as you want it, but also planning to make sure your kids will be taken care of should something happen to you. Unfortunately, if something happens to you and you do not have a Will, State law controls who becomes guardians to your children and what happens to your possessions.
Reasons For Estate Planning
Most importantly, estate planning allows an individual’s wishes to be carried out after their death. These wishes may include leaving items or assets for loved ones, ensuring a surviving spouse will be taken care of, providing tax benefits to beneficiaries receiving assets, or leaving a legacy to a particular charity, church, or non-profit.
Benefits of Estate Planning
Creating an estate plan helps ensure an individual’s wishes will be carried out as opposed to a court determining how an individual’s estate will be distributed. An estate plan can limit the costs of administration and prevent delays in the distribution of important items and gifts to loved ones. An estate plan can also reduce taxes of the individual while they are alive as well as limit tax liability for beneficiaries.
A simple estate planning package for one person consists of 4 documents: a Simple Will, a General and Durable Power of Attorney (financial matters), a Medical Power of Attorney, and a Living Will.
Have questions? See here.
Contact us today to finally remove this item from your to-do list!
Material presented on the Pearson Law Office, LLC website is intended for informational purposes only. It is not intended as professional advice and should not be construed as such.
Pearson Law Office, LLC., 5720 W. 120th Ave., Suite 3, Broomfield, CO 80020
phone: 720-514-9529 fax: 720-523-0725 email: [email protected]
Pearson Law Office, LLC., 5720 W. 120th Ave., Suite 3, Broomfield, CO 80020
phone: 720-514-9529 fax: 720-523-0725 email: [email protected]