When you think about it, everybody—whether you’re single, widowed, divorced, or a married couple or unmarried couple—has the same three objectives or reasons for doing estate planning.
You want your lifetime’s hard-earned assets to pass to the right people, that you get to determine. You don’t want to leave these important personal discussions up to a court or some other third party. You want the right people to eventually receive your assets at the right time, when it’s most appropriate based on their age, maturity, abilities, needs and circumstances. And you want to make it difficult for the wrong people, like in-law spouses or other greedy relatives to fight over or contest your estate. All these distribution objectives may be accomplished through proper estate planning.
You want to assure that your financial, personal and medical affairs will be properly handled, by the person or persons of your choosing, when you become too ill or disabled to act for yourself and when you pass away. And you may want financial management, by your chosen person or persons, for your loved ones who may require such management if you’re no longer available to help them. Again, these management objectives can be accomplished through proper estate planning.
You want the maximum amount of your lifetime’s hard-earned assets to pass to the people you want to have them, with the least amount going to court fees, attorneys’ fees and want to avoid the expenses, delays, publicity, headaches and aggravation of a court conservatorship if you’re ill or disabled and a court probate after you pass. You want to minimize income and capital gains taxes while you’re living and estate taxes after you’re gone. You may want to protect your assets from divorce, lawsuits, creditors and bankruptcy during your lifetime, as well as for your loved ones after they inherit your assets. And you may want to preserve your access to government benefits, such as Medi-Cal nursing care benefits, if you or your loved ones ever need them, so your estate will not be needlessly again, these preservation objectives can be accomplished through proper estate planning.
There is a little-mentioned, but very important fourth objective or reason for proper estate planning—the peace of mind that comes from the knowledge that you and your loved ones will be properly protected when the time comes.
Enjoy this peace of mind by scheduling a free consultation with us soon.
The Law Firm of Kavesh, Minor & Otis, Inc. serves clients throughout Torrance & the Surrounding Areas.
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