One of the most difficult conversations to have is discussing your final arrangements and preparing your estate planning documents, especially if you are a younger individual. We can all attest to the fact that life is short and we never know what tomorrow will bring. As the saying goes, the only two things that are certain are death and taxes.
We have helped many people who have walked through our doors sort out their spouses, parents or siblings estates. Most are in shock and can’t believe they have been left to sort out the details, not knowing where to even begin.
What greater gift can you give to your loved ones, then to know they have been provided for, and to know they are carrying out your desires?
Without a Will, your assets will be distributed without any input from you. You do not have to have a huge estate, or own a lot of assets to ensure they will go to the people you care about or who may need them the most. Do you really want your prize car collection going to your ex’s new boyfriend? Don’t leave your assets fate to chance.
If you have children that are not old enough to care for themselves, it is important to decide who will be their guardian should you not be around. If you don’t make that decision for yourself, then a Court and the law will be deciding that for you. Ask yourself, do you really want people who do not know you or your children determining who will best raise your children.
Currently the estate and gift tax exemption for 2016, is $5.45 million per individual, That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. This may not be an issue for many, however, if you die without a Will, legal fees to probate your assets will take a bite out of your assets. With proper estate planning, such as granting gifts to individuals or placing money in a Trust, that burden may be lessened.
So give the gift of peace of mind and contact William P. Blade or Patricia F. McGrath at 954-429-1200 for a free consultation today.