Estate planning looks different for each person who walks in the door, but many share the same concerns.
What is your number one priority?
Create a plan that puts adequate provisions in place for your children. If they are minors, this will include naming a guardian to care for them should something happen to you. Even if your children are 18 or older, it may not be the best idea for them to inherit a lump sum without oversight. Trusts often provide a way for parents to leave control of their estate to a mature adult until children finish college or get settled to the point of being able to handle their own finances. Regardless of how old they are, create security for your loved ones!
The last thing you want is for the government to take a cut of the hard-earned money you spent a lifetime saving. It is important to explore the different options available related to avoiding probate costs, minimizing income tax due, and passing on as much of your wealth as possible to your beneficiaries. Run some calculations to discover whether paying more on the front end will result in a significant savings of money, time, and effort at a later date. If you have a farm or family business, careful succession planning will also reduce many future headaches.
While a will is necessary for protecting your children and your assets, it is not effective at securing adequate care and representation in regard to your medical decisions. Other documents such as a power of attorney for health care, a living will, and an organ donation form, however, can provide important instructions in case of emergency and are tailored to suit your needs. Solid planning also aides in avoiding court-appointed guardianship issues later in life or due to incapacity.
A disorganized estate means trouble for those closest to you. Avoid family conflict by adequately preparing your plans. Be intentional about which assets will go to probate; learn more about how life insurance policies and 401K plans generally do not pass through your will. Leave a clearly organized estate plan to help your family navigate the probate process as easily as possible.
You are the best person to make decisions for your life; I'm here to walk you through every step of your estate plan.
Hi, my name is Sarah Palodichuk, and I am looking forward to helping you figure out your estate planning needs. While there is certainly some legal jargon that comes into play, I am committed to explaining your options in plain language so that you are fully informed when making decisions. My rates are established as flat fees, both for documents and meetings, so you always know what to expect and don't have to worry about getting charged for every minute I spend sending you an email. I can't wait to hear your story and start working together on your customized estate plan.
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Please fill out the form below for more information about your estate planning process. I typically respond within 24 hours. This contact is for information-gathering purposes only and does not create an attorney-client relationship.