(612) 206-3701 info@lucerelegal.com

Why Estate Planning is for Life, Not Death

Lucere Legal helps people with estate planning
Categories: Estate Planning

We know that no one likes to contemplate their own death, which is why so many people procrastinate when it comes to estate planning.  They think it’s for when they die, but it isn’t!

When done with us, creating an estate plan makes your life better.

Here are some of the things that estate planning does for you while you are still living:

  • It has you think about the real meaning of your life, what values and lesson you want to pass on beyond your life, and what’s most important to you to do now;
  • It has you think about how you want to be cared for at the end of your life and it lets you name someone to make those good decisions in your place;
  • It has you think about your money, who you want it to go to, how you want it handled, what you want it to do in the world after you are gone;
  • It names someone to care for your children in case you can’t;
  • It helps you minimize taxes, leaving more for your family;
  • It lets you provide for a disabled child or other loved one without disrupting their governmental benefits;
  • It protects your assets from divorce – yours or your children’s – as well as from lawsuits and creditors;
  • It enables you to gift portions of your estate to your children or charities while you are still alive in a tax-advantaged way that inspires wealth creation instead of depletion; and
  • It helps you plan for your own long-term care in a way that won’t deplete your estate.

Of course, having an estate plan also offers you peace of mind that you have done what you could to protect your loved ones and pass on your assets efficiently after you die.  Having an estate plan in place before you pass guarantees that:

  • Your personal property and assets will pass to the people you want to have them, eliminating family members fighting over who-gets-what;
  • You can spare your family the expense and pain of having to go through the expensive and public probate process;
  • Your minor children are provided for in the way that you choose, with a guardian you select to raise them with your values, and with a trusted adviser in place to manage their finances until they come of age;
  • Your assets are protected for your heirs by setting up a trust with a distribution option after  they reach adulthood (or other milestones of your choice);
  • Your retirement and other financial accounts have beneficiaries named, as well as life insurance policies, so the assets in those accounts go to the people you choose; and
  • The financial privacy of your family is protected.

This week is National Estate Planning Awareness Week, the perfect time to create a plan that spells out how you will pass on your values, beliefs and your money to your children.  You can begin by calling our office at (612) 206-3701 or filling our our contact form today to schedule a time for us to sit down and talk.

Image courtesy of  Phaitoon / FreeDigitalPhotos.net

Contact us to see how we can help you with Estate Planning

You may also like . . .

The Risks of Poor Man’s Estate Planning: 10 Common Mistakes

With my years of experience as an attorney, I have seen plenty of families left to sort things out for themselves because their parents either failed to plan their estate or turned to the siren song of the new, “do-it-yourself” estate planning websites in a misguided...

It’s Time You Got an Agent

You need an agent. No matter the nature of your unique talent and whether or not you have a particularly telegenic personality, your agent will be there to protect your interests and desires even after you’ve passed. What, did you think I meant the Hollywood type?...

The plain-English guide for Minnesota small business owners

When it comes to business, ignorance isn't bliss; ignorance is risk.

There's a handful of legal topics that business owners should be familiar with, at least on a rudimentary level, to reduce the risk of having something horrible come out of left field.

This book is a legal guide to help you put the most common business legal issues on your radar, with enough information for you to be on the alert for when you may need to get some professional advice.

The intention in arming you with this information is so that you can proceed in business confidently and with fewer legal quagmires.

Do you have a cabin?

The first generation that buys a cabin enjoys it to the fullest and it’s a magical place where happy memories are made and families go for some much needed respite. Unfortunately, without thoughtful planning, the chances of the cabin staying a place of happiness and tranquility into successive generations is very, very slim.

If you haven’t done the planning in advance and made it legally binding, the family members (and their ex-spouses and new spouses) will have to work every detail out for themselves. If they can’t, what is likely to happen is a lawsuit called an action for partition that forces everyone to sell their interest. This lawsuit is expensive, and the costs of litigation will come out of the proceeds of the sale of the cabin, so to add insult to injury to those who wanted to keep the cabin but couldn’t afford to buy the others out, they are footing part of the legal bills in the lawsuit against them. Ouch!

It’s no wonder that family members stop speaking for years after the cabin conflict is “resolved.” You can’t make family relationships perfect, but you can take away much of the fuel for the family conflict fire. That’s what cabin planning does, and it has the nice side effect of giving you peace of mind now.

That’s why Kimberly wrote The Minnesota Cabin Planning Guide and Workbook, and you can get a free electronic copy of her book on our cabin planning website, or you can find it in many county libraries in Minnesota, or you can get it on amazon.com.

Make An Appointment>

Join Our Mailing List

Subscribe to our newsletter list to get information and resources helpful to running your business and planning and managing your personal financial affairs delivered right to your inbox.

We don’t spam and won’t share your information with anyone, at anytime, ever.

Check out our podcast

The Small Business Buzz Podcast