The Fear of Estate Planning

In 1789 Benjamin Franklin said his infamous words, “Nothing is certain except death and taxes.”

The reality is that we all pay taxes, and we will all be gone one day. When that time comes, it can be a comfort to you and your loved ones to know that you did all you could to prepare your estate.

When I was growing up, I would hear people say they did not want to write a will because it meant they were going to die.

The reality is, we will all meet that fate one day. Thinking about it and preparing for it does not mean one would manifest it to happen soon.

Sometimes fear around estate planning causes people to avoid it and put it off. By doing this, your final wishes will not be carried out and can be left up to the probate judge.

It is crucial to take the time to put a plan in place so your legacy will continue and minimize potential problems for your beneficiaries.

The purpose of estate planning is to confront your fears and educate yourself on the basic steps involved. It is an opportunity to outline your wishes for your own legacy.

Many people procrastinate when it comes to estate planning because they believe it will be costly, complex and is only for the wealthy. The truth is lack of planning can lead to family conflict and expensive legal fees.

The benefits of estate planning include control over asset distribution, reduced taxes and legal fees, and can prevent or minimize family conflict.

By planning ahead, you can organize your health care decisions and begin Medicaid planning if that is something you wish to do. You can discuss options and choose a power of attorney in the event one is needed. There are long-term care plans to consider as well.

By preparing for your future medical needs, you can give yourself peace of mind knowing that you will be cared for in the manner you choose.

Other benefits include protection for your beneficiaries as well as keeping your financial matters private. A will goes through probate and is public record. A trust is private, and your information is not made public. In estate planning you can decide which one is right for each asset.

Making an appointment with a Retirement Planning specialist it crucial is setting up your estate plan. Kevin G. Duffy, CPA,/CFF, CFP® assist you in understanding the process, and guide you to develop a plan that meets your personal needs and those of your beneficiaries.