Balancing the Future
The future for our young people today is more important than ever. When I think of the state of Social Security, the high expense of student loans, the limitations of employment and the lack of retirement our children might unfortunately see. I ask the question, how are my children going to have any golden years? The only golden years they may see will be as children. Our loved ones should be able to be on their own and establish their own way in life. As parents we want for them to be self sufficient, not to pave their way, but to show them what we learned along the way as well as the ethics many of our parents taught us. Essentially, we should teach, but to not coddle.
Thoughts of this keep me up at night for my own children. As an Estate Planning attorney I listen to these same concerns with my clients. This unforeseen future for our children, is it going to be harder for them than it was for me? What if I was given more opportunity because my parents setup a trust for me. How would it have changed my life? Would I have struggled the way I needed to struggle to find my way, or would it have changed who I became in a more positive way and allowed me to better provide for my children.
These are the thoughts that come to mind when we as parents try to create some balance for our children's future. When we are thinking in these terms it maybe a good time to start planning ahead. We may not be in a position at this time, but realize the need for a plan. We maybe at a point in our lives that this maybe at the top of a long list of goals we need to accomplish. No matter what the situation entails estate planning needs to be contemplated.
For many of us our loved ones may not have the ability to fend for themselves, they maybe compromised in some form. Who will look out for them when I am gone? How will my partner be financially? What if my child already feels some form of entitlement and he or she needs to learn more in this life than to just expect or take. How do I setup a plan for my kids educational needs? What about my grandchildren who I love so dearly? Where do I start in creating a plan for the future that bares these different needs and goals in mind?
Many of my clients are genuinely surprised of the cost of creating an estate plan many believed the cost would be much greater. When balancing the cost of creating a comprehensive estate plan there are many questions one needs to ask. How do I avoid the mess of creditors and protecting my beneficiaries? I have read Probate is a nightmare and how do I avoid it? How do I reduce my estate taxes?
When considering these questions and the cost of hiring an attorney to create an estate plan, you will find it is much smaller of an expense than even just the estate tax liability if one is not created.
There is a lot of valuable information available on the internet, one should always start with researching the elements of Estate Planning, Where do I start? Do I need just a will, or do I also need a trust, or a combination of both? What type of trusts do I set up to better protect my hard earned assets.
With many of these questions in mind, talking with an attorney, for many as a free consultation, can help with your questions or concerns. An attorney can navigate you through your options, and you will have a better idea of what to expect, allowing you the piece of mind of what you need to do for the future of your family and loved ones.
The clients or prospective clients I visit with always leave with a better sense of their situation and we develop the plan that best fits their needs, not just today, but for the future.
Balancing your finances today, your beneficiaries needs and an improving economy, It might be a good decision to create an Estate Plan to better protect your assets and have a more influential future for your loved ones.