What Is Estate Planning?
Estate planning allows you to provide for your family’s future by controlling how your wealth and assets will be transferred to your heirs and beneficiaries.
A personalized estate plan will help you to:
- Effectively plan for retirement
- Provide for your family
- Minimize the risks associated with aging
- Reduce costs and taxes
- Distribute your assets in accordance with your wishes
Proactive planning by creating a comprehensive estate plan will save your family from turmoil in the event of your incapacity or death.
Have you appointed trusted individuals to handle your financial and health care decisions if you are unable to? Do you have a plan to protect and preserve your hard-earned assets from creditors and taxes, and to keep your family out of court?
At Pierro, Connor & Strauss, we can help you create or update an individualized estate plan to achieve these goals and to avoid the costly process of probate, as well as preserve your wealth for children and grandchildren. This process is called estate planning. It’s not just for the wealthy or people heading into retirement, although these two groups often think about it more than others. Everyone at the age of 18 and older can benefit from proper planning.
Why should you get your planning done now? The COVID-19 global health crisis certainly taught us about the unpredictability of life. As we say on our weekly radio show, “Life Happens. Are You Prepared?” It is crucial to have a plan in place to manage your income and assets both during your lifetime if you are unable, and after your death; to appoint surrogate decision-makers for health and financial matters; prepare financially for medical and long-term care needs; and to protect your spouse, children and loved ones while keeping them out of the court system to settle your affairs.
At a minimum are four documents that need to be in your portfolio. We call them “The Core Four.” This powerful combination includes a Will, Health Care Proxy, Power of Attorney, Disposition of Remains Appointment. Our team of experienced attorneys will make your wishes known and design a solid plan to provide for yourself and your family. In addition to the Core Four, we’ll also help evaluate if establishing a “trust” would meet your goals for asset protection and avoid the lengthy and costly process of probate. In addition, we’ll counsel you on the ways legal planning can assist in preserving assets to cover the exorbitant costs of long-term care. And, if the value of your estate is over $5,930,000, we will discuss ways to plan for and reduce your estate tax.
Our goal is for you to leave our office with a comprehensive, state-of-the-art estate plan that you understand, that will cover all your future needs and will provide peace of mind.