In this Elder Law Minute, Bill Horton explains reasons why estate planning is essential for everyone, no matter your financial status.
Introduction to Estate Planning
Hi, my name is Bill Horton. I’m an attorney with Dent Coulson Elder Law. We’re glad to share these videos with you, whether you’re a client or someone in the community who wants to learn more. These topics cover important parts of estate planning, and we hope you find them helpful.
Why Estate Planning Matters
We’ve helped many clients understand that estate planning isn’t just for the wealthy. Some people believe that only those with big businesses, lots of money, or many assets need to plan their estate. However, while some parts of estate planning are more relevant for those with significant wealth, other parts are essential for everyone.
The Importance of Powers of Attorney and a Will
For instance, Powers of Attorney for healthcare, Powers of Attorney for property, and a will are crucial for every adult. Any of us could become unable to make decisions due to an accident or illness, regardless of our financial situation. In such cases, having someone you trust—like a spouse, an adult child, or another loved one—to make medical decisions or manage financial matters is crucial. Therefore, these decisions matter for everyone, not just those with significant wealth.
Planning Beyond Wealth
While wealth is a factor, it’s not the only reason to plan your estate. For example, the federal estate tax and the Illinois estate tax have high exemptions, currently in the millions of dollars. However, these exemptions are set by Congress and can change at any time. Moreover, even if taxes aren’t a concern for you, there are other costs, like probate court and estate administration, that can be avoided or reduced with proper planning.
The Benefits of Estate Planning
The benefits of estate planning go beyond just saving money. It’s about keeping control over your legacy, making sure your wishes are followed, and protecting your family’s financial future. Consequently, proper planning can save your family money and stress, ensuring they keep as much as possible and receive the protection they need.
Conclusion
Remember, estate planning is not just for the wealthy. If you have any questions or want to discuss your needs, please call or email us to make an appointment. Thank you.
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“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
