SONOMA, CA, June 25, 2014 /24-7PressRelease/ -- Half of all Americans with children do not have wills indicating where their money and possessions should go after they die, according to a RocketLawyer.com survey - leaving plenty of room for the government to swoop in and control it, tie it up in years' worth of legal red tape, and say where it goes so the deceased's family might never get what should be rightfully theirs.
"When you die without a will or trust, that's called dying intestate," says Eric Gullotta, an attorney, a CPA, and author of the new book "Did the Government Write Your Will?", "and that means the state will decide how to distribute all your hard-earned assets - not you. This means the people you want to receive your assets after you die may not actually get them."
As an attorney with a focus on estate planning, Mr. Gullotta counsels clients on what will happen to their assets under state intestacy laws. He also shows them how to "disinherit" the government and ensure their assets go to their loved ones or any other recipients of their choosing. His book, "Did the Government Write Your Will?" is an estate-planning guide that will help readers make informed, proactive decisions regarding their assets.
In his book, Mr. Gullotta explains clearly and concisely what happens to people's property and money after they die under California intestacy laws when they don't have estate plans. He also shows readers how to avoid such complications by "disinheriting" the government and ensuring their assets go to their loved ones and any other recipients of their choosing simply by preparing estate plans. Without one, you could be dooming your family to years' worth of red tape and lengthy and expensive legal procedures just to get back what should have been theirs in the first place.
"The government wills we are all born with are slow, inefficient, and expensive,and most people don't even realize they exist," says Mr. Gullotta. "They're from the government. Would you expect them to be efficient? Opting out can be as simple as drafting a holographic will or as complex as creating a living trust, with many options in between."
Yes, you should be terrified of the government will you have right now. You probably don't even know what it says. But, "Did the Government Write Your Will?" gives a glimpse of what it looks like. If you aren't running to an attorney after reading it, you hate either your family or your hard-earned money.
"If you don't act now, your state government may take all your money after you die - every last cent," says Mr. Gullotta. "It has happened before - this isn't some conspiracy theory. It's a fact. Create an estate plan today and opt out of your government will. It's the only way to ensure your assets will be in good hands after you're gone."
About the Author
Eric Gullotta is an attorney and CPA with a master's degree in taxation. He is the principal at Gullotta Law Group, a columnist for the Sonoma Sun, and a frequent lecturer on the subject of estate planning. Eric lives in Sonoma, California, with his wife and three children.
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