Estate Planning in 2021

It is even more important than before - you may be getting older!

I will admit — I put off estate planning for years. The only reason I got to it was because I saw some health scares around me. That reminded me the feeling of leaving my wife and kids with a mess was not acceptable. It is natural for many people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that only the wealthy require estate planning or that all that is involved is tax planning, which can be done “later.” They may well be wrong on both counts.

Your level of wealth and the ultimate tax consequences of your estate become secondary to the planning and care of your family and other heirs.

A well-structured estate plan is invaluable. Through it you can control the distribution of your assets and possessions, as well as name guardians for your children or plan care for other dependents. While the estate planning process can raise some difficult emotional and personal issues, your heirs will be glad you did it, and you will know that your wishes are assured.

How to Begin?

Your first step should be to assemble a competent, professional estate planning team. Your attorney, financial service professional, insurance agent, bank trust officer, and/or accountant are all possible members of your team, depending on the size and complexity of your estate.