Why Planning Is Important…
Spencer Ball, Estate Planning Attorney
Many people put off planning for retirement until it is too late, thereby wasting all of the years that really could have been spent planning for retirement. Imagine then, how many more of us put off planning for death! Yet planning for your loved ones in case something happens to you is far more essential and important than you may have before supposed.
Without proper essential planning, you may be sending your children and loved ones into a receivership of chance, unwanted outcomes, taxation and even into an environment of catalysts to encourage and stir up hard feelings which turn to expensive lawsuits, where your children will litigate your estate even to depletion, where the actual fruit of your whole inheritance you have worked to build all of your life will end up resulting in the enmity your children may have for one another after prolonged fighting in court.
Why Plan for my Loved Ones?
The true goal which you should have for you and your loved ones is as follows:
To control my property while I am alive and well.
To provide for myself and my loved ones if I become disabled.
To give what I have:
–To whom I want;
–The way I want;
–When I want.
To minimize the impact of professional fees, court costs, and taxes.
Many may say that estate planning is only for the rich. The word “estate” seems to refer to the property and possessions of the wealthy. But regardless how large or small your nest egg may be, that which you own, which you have worked hard for belongs to you, It is up to you to prepare and plan.
The term “Be Prepared” is a motto more sage and extending deep into everything we do than we may have ever fully appreciated. When the Boy Scouts of America first contemplated what would be the wisest counsel which could be instilled into young boys and young men, there came forth a Scout Oath, a Scout Law, a Scout Motto and a Scout Slogan. Being prepared is one of the highest goals we can achieve.
Do not leave your loved ones in the lurch. Do not send them to the receivership of what poor planning can do. A home in joint tenancy may end up being owned by a future unknown spouse, instead of your own children you work hard to take care of with a desire to leave them something of value. A small business left to children without planning can result in a multitude of arguments and even lawsuits among your own children. If young children are not planned for, they may see much of what you left them spent on court appointed guardians and their attorneys, and when the residue is given to them, it is in one large check from the probate court at age 18. Many spend thousands on life insurance, without giving any thought to how that money would be distributed in the event of their death.
Many may say that planning and being prepared in this essential area is not worth it. They say, Let my children deal with it; It is their problem.” To such people, I say You are making it their problem, when it does not have to be a problem. Don’t leave them in the lurch. Give to your loved ones the gift of planning! Call our office at (801) 453-2000 for a free consultation to find out what are the things you need to do.
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Don’t leave a legacy they will fight over!