You want to feel proud knowing that you set your family up for long-term success. You want your wealth to mean something. And you definitely do not want your kids to blow their inheritance on new cars and vacations. These are all reasons why estate planning is important.
Setting your family up for long-term, multi-generational success requires doing things differently than most other families.
It requires being a leader and taking a stand.
The problem is finding an advocate who can stand by you and help you make this happen. And most law firms focus on relatively minor problems, like avoiding probate. (Who cares about avoiding probate if your kids are just going to blow their inheritance?)
This makes you feel confused about what to do.
We believe the world will be a better place if kids are not turned into lazy trust fund babies. It would also be a better place if more families stuck together and were proud about their identities. We understand what it’s like to want the best for your kids, while also feeling frustrated that they perhaps don’t share your drive and work ethic.
That is why founding attorney Paul Deloughery, who has been an attorney since 1998, became a Certified Family Wealth Advisor. It is also why he founded Sudden Wealth Protection Law.
Here’s how we do it:
You Schedule your
You will get a
You can sleep at night knowing that family is set up for long-term success
Estate planning is an important component of protecting your financial well-being and that of your family. Creating an estate plan can help ensure that your wishes will be carried out after you pass away. This article will discuss the importance of estate planning and provide tips on how to go about creating one.
One Reason Why Estate Planning Is Important Is It Helps Avoid Probate.
Probate can be a long, complicated, and expensive process. By creating an estate plan you can help ensure your loved ones will not need to go through probate court. An estate plan outlines who should receive your assets after you pass away and how they should be distributed. This can help minimize the legal fees associated with settling your estate as well as reduce the amount of time it will take for your family to receive their inheritance.
Estate Planning Can Help Avoid Taxes.
Estate planning can help save taxes for your heirs and other beneficiaries. Taking the time to document specific instructions about which assets are distributed and to whom can help avoid certain taxes such as capital gains tax, inheritance tax, or gift taxes. Your estate plan should include detailed instructions on how you would like distributions to be made as well as an overview of all the specific assets you wish to distribute.
Estate Planning Protects Children.
Estate planning is especially important if you have children. That’s because it provides you with the opportunity to name a guardian to take care of them when you can no longer. Additionally, estate planning can help ensure that your children’s financial needs are cared for after your passing by creating trusts or setting up transfer-on-death accounts that will provide them with financial security in the event of your death.
If You Become Unable to Manage Your Affairs, Your Estate Plan Keeps You Out of Court.
If you become unable to manage your affairs due to an illness or injury, your estate plan will help you avoid any complications. Your estate plan can designate someone you trust to take over managing the day-to-day tasks related to your financial and legal responsibilities. Without your estate plan, these decisions would likely be put into the hands of a court in order for someone to be appointed as a guardian or conservator over your estate.
A Carefully Crafted Estate Plan Helps Ensure the Success of Intergenerational Wealth Transfer.
Estate planning is extremely important for the successful and efficient transfer of generational wealth. A carefully crafted estate plan can ensure that your business, real estate holdings, personal possessions, investments, and other assets will be transferred to the people you care about in an organized, tax-efficient manner. Estate plans can include wills or trusts that are tailored to your specific wishes for family members or charities you wish to benefit from your estate plan.
Ready to Get Started With Your Estate Plan?
Attorney Paul Deloughery and his team are dedicated to helping people like you prepare for your future — at whatever stage you’re in. And we can help you set your family up for success in case something happens to you. Give us a call at 602-443-4888. We’re here to help.