Tuesday, January 25, 2011

Don't let the government make decisions for your family or your assets!

Take Control of Your Family and Assets with an Estate Plan

Estate planning is mostly about you making choices regarding the welfare of your family and management of your assets.  If you don’t have an estate plan, the government will be making these choices for you, even if you are only incapacitated and most people do not want the government controlling their lives.  Here are some examples of the decisions the government can make on your behalf if you don’t document your choices;

1. They can place your children with child protective services or foster care.
2. They will decide who will raise your children.
3. They will give your children all of your assets at age 18.
4. They may cause your estate to hire a probate attorney who will charge your heirs tens of thousands in attorneys fees
5. They can tie up your assets for one or more years.
6. They can choose who will manage and spend your assets even if you are alive.
7. They have an inheritance plan that may give your assets to someone whom you do not like.
8. They can charge your heirs an estate tax of 35%-55%

A properly drafted and executed estate plan can ensure that you will have input on these important decisions even if you are incapacitated or have passed on.