Planning for Now and the Future
Estate planning is when an individual creates a legal blueprint for managing one’s wealth while still living and distributing that wealth upon death. These assets can be owned separately or jointly.
Estate planning helps individuals manage their finances, handle their legal affairs, and minimize their taxes.
An “estate” includes assets such as personal property, real property, business interests, investments, insurance proceeds, and personal effects.
An “estate plan” refers to the methods used to pass one’s estate on to family members upon his or her death. Many different methods can be used to create an estate, such as:
- Wills & Living Trusts
- Power of Attorney
- Trust Administration & Probate
- Financial Planning
- Elder Law & Medicaid Services
Failure to implement proper estate planning can cause many problems. A well-drafted estate plan ensures the estate is properly passed on to the appropriate individual(s).
Proper estate planning ensures minimal legal difficulty and costs. It also ensures the government won’t seize an individual’s assets. However, the process is complex and requires the assistance of a competent attorney.
At Mullaney & Mullaney, we want to our clients with peace of mind. Contact us today for a free initial consultation.