Christine Mohar, ESQ
Why Plan for the Future?
Believe it or not, you have an estate. If you own a car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions, you have an estate.
When you plan for the future, you are planning for your incapacity, death and your children's future. You need to decide who can act for you in the event you cannot. You need to decide whom you trust to make your financial and health decisions.
You have worked hard for your home and assets. It is important that you decide who will inherit these assets and when they will inherit them. You want to make sure that all your debts and taxes have been paid. Estate Planning can help reduce or eliminate Federal Estate tax. A Living Trust can protect your privacy.
If you have minor children, you need to make sure that you choose who will raise them. You can choose someone you can trust with their welfare, their inheritance, and any special needs that may arise. You also should establish when they could inherit their money.
When you don't plan for the future, the government decides who inherits your estate. The courts will decide who will raise your minor children.