One of the most important people that you can work with when trying to decide how your assets will be managed after you pass away is an estate planner, mostly because of the many different situations that he or she can help plan for. Listed below are two reasons to utilize an estate planner.
Will Create A Care Plan
One thing that many people overlook when they are getting older is the need to set some money aside to care for themselves in the event that they need comprehensive and extensive care. For example, what happens if you come down with a debilitating disease or illness that requires you to have around-the-clock care? In many cases, these individuals will go into some kind of senior care facility, but that can very quickly drain your savings and the savings of your family.
However, an estate planning organizer may recommend that you opt for a long-term care insurance that will pay for your care if needed without having to dip into the savings that you are planning on leaving for your children and spouse. In addition, some of these long-term care insurance policies will also allow you to leave any unused benefits from that policy to your spouse or children when you pass on. In that situation, the money in that policy will not be subjected to inheritance taxes or probate, which allows you to both prepare for the worst while you are alive and potentially provide the largest possible inheritance to your spouse or children.
Will Ensure That All Taxes Are Dealt With
Another reason to utilize an estate planner is that he or she will ensure that any taxes and debt that needs to be paid after you pass on will be paid before the estate is turned over to your inheritors. This is very important as simply turning over your property to your inheritors without properly handling the taxes and debt associated with it could easily result in your inheritors not realizing that money is owed or simply neglecting to pay the taxes and debt. As a result, the inheritance could end up being much lower than you had hoped it would be due to the many fines and penalties that could be assessed.
In addition, your estate planner can help you create a plan that will enable the most amount of money and property possible makes it to your inheritors. This can include irrevocable trusts to attempt to shield the inheritance from taxes and probate or even turning over some of the expensive pieces of property and the bulk of your savings prior to passing away.
Contact an estate planning service to discuss the many ways in which they can help you. An estate planner will help create a care plan to ensure that you are properly taken care of in the event that long-term care is needed while ensuring that all tax issues are dealt with prior to turning over the inheritance to your family after you pass away. Contact a company like Plan My Affairs to get started.