15 Benefits of a Complete Estate Plan
1. Designate who will manage your affairs if you become disabled and when you pass away. As you age, it’s a good idea to name a responsible child or third party if your spouse becomes incapable.
2. Protect your Homestead and Prevent the “spend down” of your estate with advance planning in the event of a Critical or Long Term Care Crisis – and ensure eligibility for Medicaid and VA Benefits without long penalty or waiting periods.
3. Avoid guardianship/ conservatorship, during your lifetime and probate when you pass away – by doing the planning in advance you can avoid additional legal expenses and ensure that your estate will pass directly to your designated heirs without any unnecessary delay.
4. Set aside funds for final expenses and make arrangements in advance so that family members and loved ones do not have to deal with money matters while grieving or under duress.
5. Protect assets inherited by your heirs from lawsuits, divorces and other claims.
6. Prevent the depletion of your estate by imposing discipline upon children (and/or grandchildren) who do not exercise proper money management skills or may be inexperienced with financial matters. Reward and encourage heirs who make smart life decisions.
7. Address different needs of different children – provide for special needs children and grandchildren.
8. Insure that a specific portion of your estate actually gets to grandchildren, charities, etc.
9. Protect a portion of your estate if you pass away first and your surviving spouse remarries.
10. Consider tax advantage gifting strategies while living and experience the rewards of your Legacy.
11. Prevent or discourage challenges to your estate plan from squabbling family members or claims from “long lost cousins”.
12. Protect children from a prior marriage if you pass away first.
13. Assure an education for children/grandchildren, despite what they (or their parents) dream of doing with the inheritance.
14. "Brady-Bunch" family estate planning: assure the step-parent doesn't spend your children's inheritance and/or provide for a spouse by sacrificing the intended legacy for children of a prior union.
15. Pursue charitable goals you may not otherwise feel you can afford. Considerably cutting probate expenses allows you to also leave a legacy to a charitable organization you admire.
For More information contact David Yates at: David@Legacycareplanning.com