Many people avoid the estate planning process because they would rather not think about the possibility of not being around for their loved ones. Unfortunately, failing to plan for these types of things often leaves families worse off. Here are several reasons why it’s a good idea for every family to hire an attorney as soon as possible to plan for their absence:
Taking Care of Your Children
Investing in your children and making sure that they are well taken care of when you leave is one of the most important aspects of estate planning. However, the process of providing for your children in this way isn’t always as straightforward as it seems. An attorney can help you answer all of the questions you may not have thought of, including whether they will get the money in installments or a lump sum, whether there will be any conditions for them receiving the money you have set aside, who will hold on to the money until your children are adults, and how the funds will be transferred to them when they are ready to receive them.
Tax Planning
In order to maximize the value that your investments and assets will have once they are transferred to your loved ones, it’s important to take the time to do proper tax planning. This will make sure that your loved ones are not paying large amounts of money to the IRS because of the assets that are now in their possession. Lawyers in Harrisburg PA with the necessary estate planning experience will advise you on how to avoid huge tax liabilities by structuring and coordinating your assets and investments so that your trust works in everyone’s best interest.
Power of Attorney
You should definitely have a plan for what you will do in the event that you become incapacitated and can no longer make decisions for yourself. You’ll need to appoint a power of attorney whom you trust to make sound legal, medical, and financial decisions on your behalf. When you work with an estate planning attorney, they will help you complete the formal process of appointing someone who is not only responsible, but who cares deeply about you and your family.
When you’re ready to complete your estate planning, give Parker Law Firm, P.C. a call. Their experienced attorneys will help you ensure that you and your family are at peace at every stage in your lives.