Traditionally, estate planning was mostly about strategies to reduce tax consequences on your estate. Right now, taxes play a very small roll in estate planning because those taxes only affect the very wealthy. An estate has to be in the $5 or $10 million-dollar range to be affected right now by estate tax.
Estate planning can bring you many benefits beyond tax reduction. If you own anything you value, or you have children, you would benefit from an estate plan.
- take care of your families needs and personal business when sick or injured
- conserve your estate when qualifying for Medicaid
- protect a Medicaid beneficiary from losing benefits when inheriting from you
- protect a small business when ready to retire or can no longer participate
- care for children or other loved ones in an emergency situation
Also, good estate planning is probably more affordable than you think. Document assembly technology and internet-based collaboration between groups of experts have reduced the expenses considerably.
We offer estate planning packages that compare well even to the simplest will and probate proceeding. They offer the benefits of a will with more flexibility, more privacy, and a lower cost than probate.