Bill and Jane’s daughter had struggled since the accident. She was only 13 when it happened, but after 10 years it was clear she was permanently disabled. Now 23, she is dependant upon government assistance for her survival and medical care.
Bill and Jane thought they did not need estate planning. Why not just put everything in joint tenancy, because “it is simple and may avoid probate.” Thinking about their disabled daughter, they sought guidance from a counseling-oriented attorney who took time to learn more about them, their estate, and their goals. Their primary objective was to protect their daughter after they died. The attorney worked with them to put together a plan that would place their savings, life insurance and home in a trust for their daughter, upon the second death. This would prevent the assets from disqualifying their daughter from the benefits she is receiving from government programs. As a result, the inheritance can pay for the things government programs do not cover, providing additional comfort to their daughter.
Estate planning can, and should, be more than avoiding probate and saving taxes. A properly designed estate plan can provide many additional advantages that protect your family. Most of these protections are ignored in basic estate plans. Individuals should look closely at all of the benefits a properly designed estate plan can provide to them while they are alive, and provide to their spouses and their families after their death. Does your estate plan address these types of issues?
If you have questions about effective estate planning, I encourage you to gain more knowledge about available planning options by visiting www.EstatePlansThatWork.com to sign up for a complimentary educational workshop.
The holiday season is upon us. A time to express appreciation for the people, experiences, and opportunities that enrich our lives. As we take a moment to give thanks and celebrate with our families and our communities – let’s not forget the uniquely valuable small, local businesses that are at the heart of our communities.
In today’s fast-paced world, shopping has never been more convenient with online giants and big-box stores offering rapid delivery and low prices. But, unlike mass retailers, small businesses and local shop owners offer personal relationships, leading to better service and customized recommendations. Whether it’s a handmade candle or boutique clothing, these businesses offer a personal touch that can’t be replicated.
The holiday season is a crucial time for small businesses. Events like “Small Business Saturday” remind us to support the shops that keep our communities vibrant. But it’s important to continue that support throughout the year to ensure these businesses thrive.
This holiday season, when shopping for a gift, a service, or just a little treat for yourself, consider visiting our local businesses first. Every purchase makes a meaningful difference, helping build a stronger, more connected community for everyone.
Happy Thanksgiving,
Dawa