Proper Estate Planning allows for you to plan for yourself and your loved ones without giving up control. It plans for your disability. It give what you own to whom you want, the way you want, when you want and saves every tax dollar, professional fee and Court cost possible.
What about a Will?
A will guarantees probate which can generate executor and attorney fees. They are fully public, don't plan for disability, are easily challenged by unhappy relatives, often they don't control life insurance proceeds, retirement benefits or jointly owned property and may be ineffective out of state.
What about Jointly Owned Property?
Jointly owned property can pass to unintended heirs, may not avoid probate and can cause unintended gift and estate taxes.
What about a Life Insurance/Retirement Beneficiary Designation?
You can't leave instructions or guidance to your loved ones. Often the wrong beneficiary is named. It doesn't protect your children or spouse from creditors or unscrupulous people. It may not meet the families special needs and does no federal estate tax planning.
What about a Bare-Bones Living Trust?
It is the same as a Will if not fully funded. They may be sterile legal forms and contain no instructions for loved ones.
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