Estate and Trust planning is an important yet often overlooked aspect of your overall financial plan. Proper Estate and Trust planning should synchronize with your financial plan. Failure to align these plans can lead to unintended and even catastrophic results. Here are the top benefits of proper Estate and Trust planning and why it should be your priority.
Ensures Your Wishes Are Honored
Through documents like Wills and Trusts, you can specify the distribution of the asset, the guardian for your minor children, and the authorization of medical and financial decisions if you become incapacitated.
Without these documents, the government will determine where your life savings and assets are distributed. This may not align with your preferences. You should have control over your assets and legacy, not the government. An effective estate plan custom made to your specifications is what Voelkl Law PC specializes in. Let us prepare a clear plan to ensure you are in control, and your loved ones are cared for.
Provides Long Term Financial Security for Your Loved Ones
By creating a trust, you can ensure your family members receive the financial support they need not just upon your passing, but for years and future generations. There are countless benefits and reasons why some persons choose to have a Trust. This is particularly important if you want to make arrangements for your children and grandchildren’s education, dependents with special needs and health concerns, or other family members who rely on your support.
Trusts can help to manage and distribute assets over time. Trusts put guard rails in place so your heirs cannot simply spend their inheritance the day they receive it. Trusts prevent potential mismanagement and guarantee long-term financial stability for your heirs. Voelkl Law PC specializes in creating Trusts that are tailored to accomplish all your goals.
Avoids Taxes
It’s true, the government may tax your money even after you die. Let Voelkl Law PC design an active and intentionally “gifting plan”. By utilizing gifts and trusts during your lifetime, we can greatly reduce and even eliminate the State and Federal estate taxes. This means more of your wealth is passed on to your heirs.
Avoids Probate
Many clients are concerned about the cost, delay, and the hassle to their heirs of the probate process. Did you know Probate can be avoided. Effective Estate Planning can avoid the costs and delays associated with probate, legal process and expense of settling an estate. At Voelkl Law we utilize many strategies like trusts, ownership, beneficiary designations, etc. to streamline and even avoid the Probate process. This means more money goes to your heirs.
Avoids Family Disputes
Passing wealth onto family when you pass away may sound easy. But it is not just what you leave behind, but how you leave it. Are you passing on wealth in a way that creates legal uncertainty, potential litigation, and fractured family relationships? Or are you leaving behind wealth in a way the ensures family harmony, reduces strife and headaches for the Executor, and passes wealth onto your heirs, and not the litigation attorneys.
Family conflicts over inheritance can be emotionally damaging and financially draining. Estate Plans drafted by Voelkl Law PC are clear and detailed. Our estate planning documents help prevent disputes among your heirs, misunderstandings, disagreements, and costly litigation.
Let us create an estate plan that ensures you leave behind only treasured memories, assets and wealth to those you love, not headaches and costly litigation.
Avoids Nursing Home Bills
Are you worried about paying for a nursing home? Long Term care costs are rising to a point that no one can afford. Your hard earned life savings and home can be gone in no time paying for the cost of a nursing home. Let Voelkl Law PC explain the strategies that can be used to preserve your life savings and home and ensure your wealth is passed on to your loved ones instead of the nursing homes.
Protect Your Privacy
Wills are a public record during probate. Trusts are an incredible estate planning tool which allow for the private transfer of assets, keeping the details of your estate out of public view. This can be particularly important if you are disinheriting someone and want to avoid them challenging your Will. If you have substantial assets or wish to keep the details of your estate plan confidential let Voelkl Law PC design a Trust that meets your goals.
Provides Peace of Mind
Estate planning makes sure your affairs are in order, your family is taken care of, and your wishes are respected, giving you confidence and peace of mind. This peace of mind lets you focus on enjoying your life, knowing that you have taken the necessary steps to secure your and your family’s future.
Whether you need a basic will or more advanced strategies to safeguard your assets and support your loved ones, we at Voelkl Law PC are here to help you. Call us at 716-633-4030 or email jvoelkl@voelkllaw.com to set up an estate planning work session for you.