In your lifetime, you may have had your share of successes and failures. For those successes in life, you are rewarded with wealth and material assets that you have established at the peak of your career giving you the freedom to build up your fortune.
But how about when you are reaching the twilight of your existence? When you have reached the apex of your life and slow down to enjoy your remaining years, you begin to think about who will inherit and continue your legacy.
It’s time to consider finding a good estate or elder law attorney to get your planning started.
Here are five life situations that will tell you why you need to prepare for your future.
Accidents: It can happen anytime, anywhere
This is a classic example of how uncertain life is. No matter how healthy or physically fit, accidents can occur without a moment’s notice and when you least expect it.
Without an elder law estate planning strategy, how do you think your loved ones can benefit from what you have set aside and prepared for them.
Your estate planning strategies can assure your beneficiaries that they are protected anytime and can give you peace of mind that they are properly taken cared of when something untoward happens to you.
Identifying your children’s guardians
This may be a sensitive matter but is one that should be seriously considered. What if something happens to both parents and become incapacitated, or worse, die in an accident?
Any legal process that is expected to occur can be stressful, time-consuming, and traumatic for the children, but with a will clearly stating legal guardians for the children will become less of a burden.
Who gets what
Similar to the process for legal guardianship, planning and preparing a will is the smartest thing that you can to prevent in-fighting between family members and designated heirs.
With a will clearly stating who gets what, it makes it easier for surviving heirs to avoid clashing when they know what has been set aside for each of them.
Helps ensure the future of your family
With a well-crafted estate planning solution, you can rest assured that your family will be well taken cared of, even when you have passed on.
Reduce taxes for anything that you have left behind
Paving the way for your surviving heirs to inherit your assets by planning, they will be paying way fewer taxes compared to when you pass on in an untimely manner and failed to make preparations.
State and federal taxes can take out a huge chunk of the value of assets that you leave behind in the event of an untimely demise.
These are real-life situations that should motivate you to seriously consider elder law estate planning so you can leave behind a legacy rather than legal troubles and dilemmas.