Posted on: 4 July 2016Share
Making sure your estate is planned and organized is an important part of emergency preparedness. There are many people who mistakenly think that they don't need an estate plan. However, that is not the case. In fact, you should meet with an estate planner while you are young, as this will be the best way to make sure that you are protected should anything happen to you. Here are some reasons that you should meet with an estate-planning attorney.
1. Plan For Retirement
It is vital that every individual plan for retirement. If you don't save and set aside money for retirement, you could be in trouble as you near your elderly years. An estate planning attorney can help you to set up trust funds and other funds that will house your retirement so that you can have peace of mind knowing you will be financially secure in your golden years.
2. Tax Protection
If you are not careful, you can easily overpay in taxes. An estate-planning attorney knows how to organize your estate so that you will pay the least amount of taxes. You may need to put your money in asset protection trusts, LLCs or a myriad of other things. This way your estate won't be taxed as high. If you don't take care of organizing your estate, the money you had planned to go to your family could easily go to the government in taxes.
3. Taking Care Of Your Family
If you are the primary breadwinner, you may be worried about how your family will survive if you pass away. This is a valid concern and something that shouldn't be taken lightly. It is very important that you have a will and trusts set up so that your family can have the funds that they need.
When you meet with an estate-planning attorney, they will help to put together trust funds that will go to your family. By creating a trust fund you can have control over the money, even after death. For instance, you can put stipulations on the money so that they can only use it for certain things or at certain times. You might decide that the money can only be used for education, health expenses, and housing. This way you can be sure that the money will only be used for the right things.
These are just three of the many reasons that you should meet with an estate-planning attorney. Speak to professionals like Acton & Snyder, LLP for more help.