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    Kinghorn Heritage Law Group, PLC

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    Home / Reports / 15 Common Reasons To Do Estate Planning

    15 Common Reasons To Do Estate Planning

    June 30, 2014

    WHY CREATE AN ESTATE PLAN?

    You don’t have to be a millionaire to benefit from an estate plan. Reasons to create an estate plan are as unique as the individuals who create them. If you own a home, have minor children and/or grandchildren, grown children in their own marriages, have been divorced, own a business, or expect to receive an inheritance of your own, you need to take action now. Here are the common reasons you need to not only build and protect your hard-earned money, but transfer it with as little depletion and expense as possible. With a proper estate plan in place, you can plan ahead to:

    1. Designate who will manage your affairs if you become disabled and when you pass away. If you fail to do so, the court will decide for you. You never know who the court will appoint. Keep control of your own destiny!

    2. Plan for Medicaid and its impact on your estate if you must go into a nursing home. Nursing homes today can cost as much as $102,2001 per year or more, and a long-term stay can easily impoverish all but the wealthiest families. With proper planning, however, you can shelter assets and keep your family’s wealth intact. Because over two thirds of those who reach the
    age of 652 will be placed in a nursing home for any period of time, it becomes painfully clear this type of planning is extremely important.

    3. Avoid probate, during your lifetime and when you pass away. Do you want the court controlling you or your assets? Probate proceedings are public, expensive, time-consuming
    and should be avoided whenever possible. Leave your money to your heirs quickly, privately and efficiently by establishing a proper estate plan.

    4. Protect children from a prior marriage if you pass away first. Second marriage planning can be complex and tricky. Expert legal guidance is needed to ensure your assets are preserved and your children of your first marriage will receive the proper share of their inheritance.

    5. Protect assets inherited by your heirs from lawsuits, divorces and other claims. Make sure your assets are inherited by your loved ones, not the people you don’t want to receive them, such as their ex-spouses, in-laws, creditors or the IRS.

    6. Impose discipline upon children and/or grandchildren who may not be capable or experienced in managing money. Make sure your children and/or grandchildren spend their inheritance wisely. Protect their inheritance against inexperience and mismanagement by including specific conditions and rewards in your estate plan.

    7. Provide for special needs children and grandchildren. The loss of governmental benefits can wipe out your estate. Special considerations and planning is needed to avoid the loss of governmental benefits.

    8. Insure that a specific portion of your estate actually gets to grandchildren, charities, etc. Without planning, the state will decide who inherits your assets… NOT YOU! Planning your estate ensures your intentions and directions are followed.

    9. Protect a portion of your estate if you pass away first and your surviving spouse remarries. Special Trusts can be set up to protect your current surviving spouse and insure that your assets don’t end up in the wrong hands. Take action now to protect your family.

    10. Address different needs of different children. No two children are alike. Customized estate planning can assure that each child’s personal needs are addressed in the manner you deem best.

    11. Prevent or discourage challenges to your estate plan. Establishing a Revocable Living Trust now makes it more difficult for objections when you are no longer around to speak for yourself.

    12. Encourage and reward heirs who make smart life decisions, and prevent the depletion of your estate from those who do not. There can be a point at which giving a child more money can make them less productive and less happy. A Family Incentive Trust can be tailored with financial incentives which encompass your family values and goals to encourage and motivate your children. Such a trust can be a loving way to support your children while inspiring them to be productive members of society and fostering their sense of self-worth.

    13. Assure an education for children, or grandchildren, despite what they (or their parents) dream of doing with the inheritance. Establishing an Educational Trust can assure that your children and/or grandchildren use their inheritance for education and not fund a vacation in Las Vegas.

    14. Plan for a “Brady-Bunch” family estate plan and assure the step-parent doesn’t spend your children’s inheritance and/or provide for a spouse without sacrificing the intended legacy for children of a prior marriage. Divorce and second marriages can have devastating effects on the inheritance you intend for your children, if your estate plan is not reviewed and updated. Often times, the original “traditional” estate plan will not meet the needs or provide the protection needed for your new blended family, so proper planning is imperative.

    15. Pursue charitable goals you may not otherwise feel you can afford. Considerably cutting probate expenses allows you to also leave a legacy to a charitable organization you admire.

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    In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

    Gary and Velma T. Client Review September 8, 2020

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    We enjoyed meeting all the behind-the-scenes people on your team and want to thank you for the peace of mind you’ve given us and our children.

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    What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

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    Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

    Ken and Cheryl V. Client Review September 8, 2020

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    Very satisfied with your company and staff.

    Robert and Britt O. Client Review September 8, 2020

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    Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. While reviewing your estate plan, it’s important to consider if you need to update either of these powers. Read on to learn more.

    Chandler V. Client Review September 8, 2020

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    Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

    Rich D. Client Review September 8, 2020

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