Estate Planning-do I Need It?

By Author: gitonesters
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Who needs an estate plan?Estate planning is not just for the rich. Almost everyone ought to have an estate plan set up, even if you don’t possess substantial fiscal wealth. Some experts recommend that a moderate estate contains a higher need for thorough preparing to ensure that your resources are better safeguarded. Undoubtedly significant estates have need for estate planning.While there are certainly many economical rewards to estate planning, additionally, there are several important aspects of estate planning apart from wealth preservation, transfer of wealth, and tax savings. Your own personal circumstances will shape the amount of complexity needed.

A tremendous percentage of Americans don’t possess even the most basic estate planning documents, such as a will to direct disposition of their assets, or even a living will, medical power of attorney, or healthcare directive in order to safeguard them if they're incapacitated. 65% of People in the usa don’t have a will according to a survey done by Harris Interactive and reported by Forbes. Even less Americans have living wills set up.People with children, regardless ...
... of their own financial situation, should have guardianship documents nominating guardians for young children in case something happen to the parents.Most of the respondents foolishly believed that those without large assets didn't need to plan.

Some of the key benefits of estate planning include:

• Control of property during lifetime.

• Transfer of wealth/assets to whom you want, how you want, when you want.

• Peace of mind.

• Cost savings.

• Privacy.

• Considerable tax saving potential.

• Preservation of a legacy (encourage family values).

• Maximize proceeds from life insurance and retirement and investment accounts.

• Disability and health care planning.

• Charitable gift planning.

• Asset protection planning.

• Business succession planning.

A number of the key risks of not planning include:

• Probate - a time consuming, inefficient, emotional, and often costly process managed by the courts in which your assets may not be distributed in accordance with your desires.

• Lost opportunity to preserve assets.

• Family infighting.

• Legal uncertainty.

• Should you become disabled, a court must appoint a guardian and/or conservator over your care or the care of your assets, which is time consuming and may not be the person you would have chosen.

• Court appointed guardianship of minor children.

• Potentially higher taxes.

• Children burdened with your estate planning.

• Inability to maintain standard of living.

Randall Sparks JD, LL.M., a Utah estate planning attorney at Randall Sparks Law, P.C. carries a specialized practice centered on the estate planning needs of people of modest wealth as well as people that have considerable prosperity. Every person circumstance requires estate planning especially designed to those personal needs. Common planning strategies consist of wills, pour-over wills, living wills, medical powers of attorney, advanced healthcare directives, financial powers of attorney and revocable trusts, also referred to as living trusts. Randall Sparks Law, P.C. also provides more advanced planning techniques where appropriate. More advanced estate planning techniques may include the use of irrevocable life insurance trusts (ILIT’s), domestic asset protection trusts or intentionally defective grantor trusts (DAPT’s or IDGT’s), special needs trusts, special power of appointment trusts, and business planning, including business formation and the use of limited liability companies, corporations, and buy-sell agreements.

Randall Sparks Law, P.C. is devoted to providing Utah customers with the unique planning they need based on their individual situation. Some clients need quite simple plans and some require more advanced planning. Regardless of your circumstances, Randall Sparks Law, P.C. ensures that you get professional estate planning assistance and service. Let Randall Sparks Law, P.C. lift the weight off your shoulders so you can carry more important things.

Randall Sparks Law is a boutique Utah law firm specializing in estate planning for individuals and business.Proper estate planning requires a competent Utah Estate Planning Attorney who can work with you to create a plan that is specifically tailored to your unique needs.