No 2014 New Year's resolution? How about getting an estate plan in place
Estate planning is something everyone should consider taking care of in the new year.
January 23, 2014 /24-7PressRelease/ -- No 2014 New Year's resolution? How about getting an estate plan in place
Article provided by Coffman, Defries & Nothern, P.A.
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It's a new year, and a lot of us are going into it without a resolution. Even if you didn't make a New Year's resolution in advance, now is the perfect time to take action, stiffen your upper lip, and accomplish something you've been putting off for far too long: speaking to an attorney about your estate plan.
Ensure future viability of businesses, minimize taxes, control healthcare expenses
When most people hear the term estate planning, they think of a will. If your assets will be relatively easy to administer, a simple will may be sufficient for your estate planning needs. More complex property may require more sophisticated estate planning tools. For example, for a small business or family farm, succession planning is important to ensure a smooth transition that will preserve the wealth-creating enterprise for future generations.
Minimizing tax liabilities is an important aspect of estate and succession planning, and can also be very important even when there is not some kind of family enterprise involved. The federal estate tax can take a significant bite out of larger estates. While Kansas does not currently have its own state-level estate tax, it has had estate and inheritance taxes in place in the not-too-distant past, and these taxes could be reinstated by lawmakers at any time.
Even for those whose estates fall below the exemption amounts for the federal estate tax, estate planning can help keep much needed resources intact. Perhaps there is a need to set aside funds for the care of a disabled loved one without impairing the ability of that person's ability to qualify for Medicaid in the future.
Why should you consider getting an estate plan in 2014?
It's no secret that for many individuals, estate planning is a difficult thing to think about. For just that reason, this is the year you should take on the challenge. You never know when it could become too late or when laws could change to take away current estate planning advantages. Getting your estate plan in place is taking a plunge; once it is complete, you will feel a sense of accomplishment, and will have done something thoughtful to dramatically alleviate the burden on your heirs after you pass on. Make a 2014 resolution that really matters and get in touch with an estate planning attorney today.
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