Estate Planning: Not Just for the Wealthy

According to CNBC’s latest report about Estate Planning

There’s a common misperception that estate planning is reserved for the wealthy, as an attempt to shield assets from the grasp of Uncle Sam—but nothing could be further from the truth.

We here at GQ Law couldn’t agree more! EVERYONE needs an Estate Plan and we are here to help!

CNBC’s report reiterates that Estate Planning makes sure that you can give what you want to who you want with the least amount of taxes taken from it.

You may be thinking, estate? What estate? I don’t own a mansion, fancy cars or anything of big cash value. Well, your “estate” includes anything you own or have control over, think:

homes

children

pets

retirement accounts

proceeds of life insurance policies

An interesting estate situation to consider is the following:

You die leaving a spouse and 2 children. Your estate goes to your wife, she and your children are well taken care of. Now, your wife re-marries, puts her assets in a joint account with her new spouse then dies before her new spouse. Al that’s left of your estate goes to the new spouse and not to your children.

HOWEVER, with a complete Estate Plan, parents can establish a Revocable Living Trust that keeps any assets left over from your estate from passing on to the new spouse, keeping them for your children.

This is just one of the interesting examples of how a full and complete Estate Plan can help you. Nobody likes to think about the ifs, ands and buts of when they die but we all need to. Death is a reality and while there is not much we can do to sweeten it, having an estate plan that properly protects your estate and loved ones can do just that.

Get more information from CNBC here then call us at 855-MY-GQLaw or 858-549-8600 to set up an appointment to get your Estate Plan started today.