Estate planning is important for members of families especially and members of society in general. We have the right to choose who receives any assets and benefits we leave behind after life, whether it is an enormous fortune or a small nest egg for your progeny or charity.
However, more than half of adult Americans have no will or concrete plan for their estates. This is of special concern in Connecticut and other states that have laws mandating how assets will be distributed by a probate court.
Estate planning may get more complicated under some circumstances. High-value estates may be significantly taxed by the federal government as well as the state government in Hartford. Probate fees may also apply to estates managed by probate courts.
Assets of any value deserve to be protected, and this responsibility and privilege may continue after life. If a person wishes to “spend down,” reducing assets to qualify for Medicaid in a nursing home other assisted living situation, some assets may be excluded with the right estate plan.
Above all, though, people with a lifetime of wisdom and success will generally want to control the assets they have amassed. This is especially true when family dynamics may go against each other or a person’s own wishes.
Legal counsel can often help people perfect their estate plans and prepare the appropriate documents for filing. An attorney may also help protect a person’s interests during probate court proceedings. Any value left after life is worth protecting for the future of a family or dream.
Source: Forbes, “The 3 Reasons Why People Do Estate Planning,” Joel Johnson, May 21, 2018