The Importance of Estate Planning: It’s Your Money and More
When the topic of estate planning is discussed, many think that it is only for the wealthy. This is a common misconception. Estate planning is not only about minimizing taxes, but it is also about making choices that reduce the risk of family discord, the protection of assets from creditors and opportunists, the management of assets upon disability, caring for family members, especially minor children, and maintaining control over health care decisions.
Estate planning also addresses such questions as who should care for your children or disabled family member if you are unable to continue as the caretaker. It addresses property ownership: who should own what and how such asset should be titled (jointly or separately), whether trusts are needed for asset protection, management of family wealth, control or tax savings and whether lifetime gifts should be made.
The general goal of estate planning is to provide for the efficient management and transfer of your property during your lifetime or at death at the smallest financial and emotional cost to your family. A properly structured estate plan allows you to choose your beneficiaries with insight, provide for the effective and productive management of your assets and to eliminate or reduce taxes.
Jill Miller & Associates, P.C. values and cultivates longevity in its relationships with clients. The difference which Jill Miller & Associates, P.C. provides lies in our mission to make the challenging process of estate planning as pleasant as possible for our clients.