Category: Estate Planning

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Misconceptions of Estate Planning

Misconceptions of Estate Planning

We attended a Focus Group regarding generational wealth building, and one question asked was, “Are Wealth Building and Estate Planning the same thing”? The surprise was the amount of banter in both directions. Answers ranged from they’re not the same to they are the same thing. The most provocative misconceptions of estate planning are that you can have either just not both.

Let’s first set the stage for the two disciplines. Estate planning is the process of gathering any assets you have, such as any financial accounts, real estate, and heirlooms, and planning how you will distribute those assets to your beneficiaries. Estate planning helps you set yourself and your loved ones up for success if/when anything happens to you. Wealth building is the strategic process of generating long-term financial security by accumulating assets and minimizing debt. The goals are to protect and increase one’s net worth. It is a journey that primarily involves earning, saving, and investing. Most importantly, protecting your money consistently over time.

Misconceptions of Estate Planning Demystified

In reality, people use Estate Planning as another pillar to build generational wealth.. Purchasing a home is one of the largest investments that most people make. Real Estate is the one investment you can always rely on to appreciate in value. Real estate planning is an essential component of estate planning. It is the comprehensive process of managing and arranging your assets and affairs to ensure you carry out your wishes.. This needs to happen during your lifetime and after your death. Here are some of the most common misconceptions about estate planning.

  • 1. Estate Planning is for the Wealthy
  • 2. Estate Planning is for the Elderly
  • 3. Assets will automatically pass to heirs
  • 4. There will NOT be the need to Probate the estate
  • 5. I’m too young to consider Estate Planning

This process is crucial for everyone, not just the wealthy, as it provides peace of mind. Planning also helps avoid legal hurdles and family disputes. The estate planning process involves a series of steps and key legal documents. Those documents design to manage and transfer your assets, address healthcare wishes. Equally important are they provide for loved ones during your lifetime and after death.

We have the expertise and the resources necessary to plan your estate. Results are that what you leave is adequately provided for. Amassing fortunes and passing them to survivors as close to tax-free won’t happen in a vacuum. Proper estate planning ensures your legacy will continue working for your survivors just like it worked for you.

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Probate Court is Inevitable

Probate Court is Inevitable

To be clear, Probate Court is inevitable and is an unavoidable legal process. Everyone is subjected to Probate Courts when they die, just as they are to gravity. Probate is a court-supervised legal process for managing and distributing the assets of a deceased person (the decedent). Courts involve proving the validity of a will (if one exists), identifying and valuing assets. Also involved is paying debts and taxes, and ultimately distributing the remaining assets to beneficiaries.

Probate can be time-consuming, causing delays in asset distribution. Delays which may not be ideal for heirs in need of quick access to funds. Complex Court Procedures: The probate process can be intricate, potentially taking months or even years to complete. The two main reasons to avoid probate are the time and money it can take to complete. Remember that probate is a court process, and along with the various proceedings and hearings. Simply gathering assets and paying off debts of an estate can take months or even years.

The probate hearing allows the court to formally appoint the person who will oversee the distribution of assets. The Executor, a trusted person, handles all other aspects of settling your estate. The court will issue legal documents authorizing your Executor or Personal Representative to act on behalf of your estate.

Reason to Plan

Our reason for offering estate planning services is to let you know that options are available. Those options are for reducing the impacts brought on by the probate process. If people hold assets jointly with the right of survivorship or designate beneficiaries, probate may not be necessary. Most adults own assets of dubious value, but the owners may simply want to hand them down. An example is families handing down fine China from generation to generation.

Our mission is to walk you through the preparation process. That way, you distribute what’s yours the way you want it. With planning, you can complete the probate process at minimal cost. We have navigated the probate process when no planning has been done and it is time-consuming and costly. That uniquely qualifies us to help you avoid pitfalls my family and families across America have fallen into. Probate court is inevitable; we can help reduce the impact on your family.

Our estate planning process includes selecting the appropriate instruments and managing them when the time comes. A small amount of planning goes a long way towards building generational wealth, and the way things are going, our survivors will need a hand up.

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