Thoughtful estate planning can help you build the size of your estate, rather than just focusing on what happens to your money and other possessions after you die.
Of course, a proper estate plan includes documents and methods to avoid probate and estate taxes, but there’s more.
A skilled estate planning attorney will review not only the value of your assets, but also the types of assets that you have and how they are titled (i.e. who owns the asset). She will also review your beneficiary designations on life insurance and retirement accounts, and suggest changes when change would benefit you.
A thoughtful estate planning attorney will work with financial advisors, accountants and others to help you assess where you are today with your estate, listen to your goals, and work together to help you realize those goals.
Ideally, your estate planning attorney also will be able to advise you regarding the best organizational form for your small business, and how you might successfully pass the business to other family members or sell to an outside buyer.
Your estate plan is not just about your death. It’s about your legacy and what you physically leave behind to aid your family, friends, and community.
The earlier you start thinking about your estate plan, and the more regularly you review it, the more likely that you’ll have the tools and the focus to grow your estate to its potential, provide yourself with options, and design your legacy.
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