Estate Planning Is More Important Than You Think
An estate plan is a necessary tool that allows you to protect, maintain and manage your property if you become ill or pass away. But more than that, it can also help people make sure their minor children are protected in the event of an emergency or minimize taxes paid on assets by beneficiaries.
With proper planning, probate can even be avoided so that your beneficiaries receive your assets in a way that's controlled by you and not by attorneys, the government or the IRS.
Recently, I hosted an estate planning workshop and noticed a common issue with those that attended. A substantial portion were already in their mid-60s and several others were over the age of 80. That's alarming considering some of their comments, including misconceptions and reasons for delaying.
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