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I Don’t Have Enough To Need Estate Planning

By: Investor Solutions

By: Investor Solutions, Inc.

Think you’re not a good candidate for estate planning? Think again! Consider the following scenarios:

SCENARIO 1: You and your wife die in a car accident leaving three minor children orphans. Who will take care of your young children and their finances? How do you ensure that their future and well being are not jeopardized?

SCENARIO 2: You procrastinated and died without a will. You’ve left a pile of money, other assets and a grieving spouse behind. Your intentions were to leave everything to your beloved spouse, but instead your estranged brother wishes to stake a claim of your assets. Your estate gets tied up in probate and your spouse has no money to pay the mortgage and bills in the meantime.

SCENARIO 3: You have survived your husband. Fortunately he’s left you enough money to provide for you the rest of your life. You never had children and with the exception of a younger sister, have no one to care for you. Years after your husband’s death, you become physically and mentally incapacitated and are unable to attend to your physical needs, let alone your financial matters. Your sister is caring for you but is unable to pay your medical bills because she is not your legal guardian. The courts will now decide how to provide for you financially. Wouldn’t you want someone that cares about you to decide?

Proper estate planning could have prevented all of these disasters.

Planning for events surrounding your death is not fun. In fact, it’s rather morbid. But, just because it’s hard to think about does not mean you should put it off.

Why do people fail to plan?

  • You do not have enough income or financial assets to consider planning.
  • They may believe that they are too young/old to begin planning.
  • They may be reluctant to consider some of the less pleasant aspects of planning such as thinking about death, disability, illness, etc.
  • They may believe that financial planning is too expensive.
  • They may procrastinate!

Everyone needs an estate plan, young and old, rich and not so rich. How else will you ensure that your family is taken care of, and that your wealth will not disappear into taxes and lawyers’ fees?

Can your spouse cope with the details of your estate? What if you and your spouse die simultaneously? Who would manage your estate for your underage children? How will you provide for their well being and education? You can address all these issues through your estate plan.

Still not convinced?

Without proper planning, your survivors are likely to be unprepared for an estate tax as high as 55%. Your personal property and real estate may have to be quickly liquidated to pay for taxes and possibly making your survivors sellers in a buyers’ market.

Here are some of the techniques we can use to help you:

  • Avoiding probate through joint ownership and living trusts.
  • Using existing life insurance to avoid probate
  • Using trusts to plan for your and or your spouse’s disability or incompetence
  • Outlining the disposition of property with wills and trusts
  • Using existing life insurance proceeds to pay estate taxes
  • Using trusts and guardianships to care for your children and their assets

While Investor Solutions does not have the legal capacity to implement an estate plan, we can chart the way. We will do most of the preliminary planning work (saving you money in legal fees) then coordinate with your estate-planning attorney or other professionals to flesh out the final document.

Let us help you. Estate planning services are free to existing clients. However, we urge all non-clients to consult with their attorneys and financial professionals for guidance. The longer you put it off, the higher the risk for your surviving family.