Save – Protect – Shape the Future
“The relevant question is not simply what shall we do tomorrow, but rather what shall we do today in order to get ready for tomorrow.”
-Peter Drucker
As an attorney in Manhattan Beach for over 25 years, I have met many women who never take the time to do estate planning. Many women underrate their places at home and in their careers. Because of this, many women both single and married never take the time to do estate planning. Many women feel that they must be wealthy, married or have children to do estate planning. Many married women never find time because of other priorities in their lives. To protect every part of their lives, women need to seriously consider estate planning.
Top 3 Personal goals that may be accomplished with estate planning:
SAVE MONEY: How?
Save federal estate tax at first spouse’s death and reduce or eliminate the same tax at second spouses death.
Save all probate fees when first or second spouse dies.
Avoid federal estate tax on life insurance policies and probate court proceeding to appoint a conservator if one spouse becomes incapacitated.
Protect, assist and provide for surviving spouse, children (including children from prior marriages), grandchildren and other family members or friends.
Plan for maximum use and flexibility of unspent retirement funds (IRA, 403b et al) or an inheritance you expect to receive.
Plan for the continuation, sale, transfer or liquidation of a large or small business.
PROTECT YOUR CHILDREN: How?
Protect assets of a surviving spouse in case of remarriage and protect the family home from unwanted sale, or allow for orderly and profitable sale.
Shelter the inheritance of a child or grandchild from his/her spouse.
Protection of inheritance from creditors of spouse, children or grandchildren.
Special planning for a physically or mentally disabled spouse, companion, child, grandchild, stepchild or parent.
Fulfill a child support obligation without disrupting current family unit.
Set up educational funds for one or more persons.
Choose guardians for minor children and leave specific instructions for them.
Provide specific instructions for my medical treatment and life-sustaining measures.
Explore Medicaid eligibility for myself, spouse or my parents.
Keep personal and family affairs private after death.
Disinherit one or more heirs.
SHAPE A FUTURE LARGER THAN YOURSELF: How?
Create and endow a foundation to serve a specific need or purpose.
Benefit a charity, church, school or organization.
Coordinate my/our estate plans with those of other family members to serve a common goal.
These are only a few of the reasons that estate planning is so important to you and those closest to you. Estate planning is about individual priorities, options and knowledgeable, personal participation.
Rochelle J. Schneider, P.C., Attorney at Law, Executive MBA, can help.