How many times have you said to yourself, “I need to get my estate plan done.”
Well you are not alone according to a recent survey on Estate Planning. Although most people agree that estate planning is very important, only about three out of ten people actually have an estate plan.
A recent survey from FreeWill highlights the lack of action among Americans when it comes to estate planning. 69% of respondents agreed that estate planning is at least somewhat crucial, only 26% have taken steps to formulate a plan.
The survey, which drew on responses from 2,000 adults, reveals a growing problem with a lack of Estate Planning. The dynamics occurring now highlight the Estate Planning challenge the country is facing, with an older generation living longer and passing on wealth to a younger generation.
The issue is that when wealth is transferred without a plan, then that wealth is subject to a lengthy probate process, if not placed in a trust, and could face additional estate taxes that your heirs could have to deal with if you have not properly prepared your estate to pass on your assets to your loved ones. This does not even consider the fact that you may be incapacitated at some point or need care that prevents you from making decisions and when this happens then this can be very costly to you and present an undue burden for you and loved ones who need to care for you.
As a parent you may want to help your children or adult children while you are still alive and an estate planning attorney can help you do this in the proper way. Do not wait till it is too late, take the steps now to put a plan in place to save your money and assets for future generations.
Our estate planning lawyers can help you with a wide range of estate planning tools and techniques. At the Family Law and Estate Planning Center, we have specific strengths in advance Medicaid planning, including the formation of Medicaid trusts, as well as crisis planning for people who need Medicaid assistance in the short term and still wish to protect assets. We can answer all of your questions and document your wishes through:
Wills – that clearly designate heirs, address specific estate planning and property issues and often greatly reduce the likelihood of family conflict.
Trusts that can be indispensable for avoiding significant estate taxes and passing as much on to loved ones as possible.
Powers of attorney that address how and by whom your financial decisions will be made if you are disabled or incapacitated.
Health care proxies ensure that the person you trust the most can make medical decisions for you in the event that a physician determines that you are incapable of making such decisions.
Living wills that may contain specific instructions regarding use of life-sustaining equipment and treatments to be given or withheld in various medical scenarios. The costs and complexities of obtaining long-term health care should never be underestimated.
Estate planning has long been important, but the threat of having an accident or illness cost you all of your resources is very real today. Having an estate plan in place can save you or family thousands of dollars on a guardianship or conservatorship action that would be necessary if no estate plan is in place.
Speak With One of Our Experienced Estate Planning Lawyers Today
Our attorneys do not recommend costly services that go beyond clients’ needs. We are diligent, however, in making sure that clients understand available estate planning options and succeed in setting up solid plans aligned with their goals.
For an initial consultation at a time that works for you, call (617)539-1010 ext. 111 or email Attorney Edward L. Amaral, Jr. at edamaral@amarallaw.com.
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