Most people believe estate planning is all about deciding how their assets will be divided and distributed after their death; however, a properly drafted estate plan can provide several other benefits.
It gives parents a choice in who will take care of their minor children should something happen to them. It allows individuals to pick trusted agents to make healthcare and asset management decisions for them should they become incompetent, and in many instances, avoids the need for a court conservatorship. It can provide large tax savings on the transfer of some assets, and even eliminate estate taxes for many individuals.
If the estate plan is properly funded, it will also eliminate time consuming and costly court probate proceedings, which cause the decedents finances and family affairs to become a matter of public record. At the very least, everyone should have a will, and anyone with combined assets valued at more than $150,000 should have both a will and trust.
Madison Law attorneys will work closely with you to develop a sound and flexible estate plan that will address these concerns.