Estate planning is important for parents who want a say in who will raise their children should they suffer an incapacitating accident, or should they pass away unexpectedly. While most people understand that a will or trust may be used to address how assets should be handled and transferred after their death, estate planning serves many other functions that a new parent should fully consider. You can let your wishes be known and decide for yourself who should raise your children. Without a will to name a guardian for your children, the courts will make the decision under the law. Moreover, disputes may erupt among relatives or between the paternal and maternal family lines.
Death, dying, and mortality are difficult subjects for many to discuss, but that is exactly why psychiatrist Joel Schwartz wants to discuss them. His method of discussion is considered a bit unorthodox, as he prefers humor to deal with the grief, and mentions that when sitting shiva (the Jewish mourning period), it is common to hear laughter and joy. He believes that humor can tone down the pain of a situation, and encourages others to consider their own mortality when younger, so that they may deal better with loss and grief when it arises. Estate administration can be a big help to loved ones left behind handling your affairs.
The creation of a Revocable Living Trust can help protect assets from
proabate, and the loss of assets to expenses relating to the transfer of
the estate to heirs. These trusts can work to not only manage the immediate
transfer, but can also be used for large assets distribution over the long term.
Using the trust to hold assets can also have advantages for marriage tax deductions and charitable tax deductions as well. Estate planning can help with the creation of this.
Planning for retirement living should also include the possibility of possible
long term care requirements. Starting this process earlier in life can make
this burden a lot easier. Making this plan takes the pressure off family
members and allows a more smooth transition. Though many people remain
independent into old age, the sudden need to transition to a more assisted
living could happen at any time. And the person needing the care might not be
able to assist in that decision. Having a plan in place with your estate plan
makes this much more simple.
Estate planning isn’t just for the wealthy. Everyone should have a plan for
the disposition of their assets after their death. Even the wealthy
and famous legal minds have had drawn out legal issues related to their estates.
Unexpected death and poorly worded wills can create havoc and cost the family
even more money and stress. It’s especially important for those with large
and diverse estates to consult with specialists to plan for the transfer of their assets.
It is important to clear up confusion about the amazing MAPT. One misconception that is out there about MAPT is that when you put your house into it, then you cannot sell it. That is far from true, the trust can actually sell the house. The proceeds are paid to the trust and they remain protected. You can also use the proceeds to downsize and buy a condo. You can do it without restarting the five year period.