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Home » Estate Planning Articles » Five Non-Tax Reasons You Need an Estate Plan

Five Non-Tax Reasons You Need an Estate Plan

January 31, 2013 by John Potter

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes.

The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan.

Here are just a few non-tax reasons to plan:

  1. Put the Appropriate People in Charge. An estate plan allows you to choose people who can be given authority to make financial and medical decisions on your behalf if you become disabled. It also lets you name your executor, your trustee, and the guardian of your minor children – all the people who will be in charge of making sure your wishes are carried out and honored after your death. Without an estate plan, these people will be chosen by a judge – and they might not be the same individuals you would select – in fact, the judge could select a complete stranger.
  2. Distribute Your Assets the Way You See Fit. With an estate plan, the property you’ve worked so hard to accumulate goes to the people you choose, in the proportions you choose, and at the times you choose. If you do not have an estate plan, your property is distributed to your family members according to a scheme provided by state law. No allowances are made for family dynamics, personal preferences, or special circumstances.
  3. Protect Your Loved Ones’ Inheritances. Your children’s and grandchildren’s inheritances face all kinds of threats. Without a solid plan, the money and property you pass on to your family members can be eaten away by their financial inexperience, divorce, or lawsuits. Money you’ve earmarked for inheritances can even disappear during your lifetime if you’re faced with nursing home bills. Your estate planning attorney can build provisions into your plan to protect your family’s inheritance from these threats and more.
  4. Help Your Business Thrive for Generations. If you own a business, your estate plan should include a solid business succession plan. This increases the odds that your enterprise will make a smooth transition from the first generation of ownership to the second – and beyond.
  5. Prevent Conflict and Reduce Stress. The death or disability of a loved one is a stressful time for a family, and it can be fraught with conflict. When you put an estate plan in place, you provide your loved ones with a roadmap for negotiating this difficult period with as little tension as possible.

If you are among the majority of American adults who do not have an estate plan, or if you haven’t updated your plan in a few years, now is the time to meet with an attorney who focuses practice on estate planning. He or she can help you put a plan in place that meets each of your goals and protects you and your loved ones – whether or not estate taxes are a concern!

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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