Only the Rich Need an Estate Plan – WRONG!

No Limit to Wealth and Power: The College Admissions Scandal

During initial consultations, I often hear that complex, fancy estate plans with trusts are just for the wealthy.  Whether you consider your assets modest or possess vast wealth, you will benefit with an estate plan tailored to meet your needs and wishes.  Financially, regardless of your circumstances, an estate plan is a good investment.

First, a comprehensive estate plan addresses issues during your life as well as after you pass.  Health care and business affairs powers of attorney allow others to immediately step in and make decisions per your instructions if you are incapacitated.  A Living Will allows loved ones and care providers know your wishes for end of life determinations.  These planning documents have no relation to your wealth, but ensure that your own directives be followed in a dignified manner.

Regardless of the value of assets in an estate plan, they are your assets and should be addressed as you see fit.  You can employ the very same financial and creditor protection techniques as the Rockefellers.  Some of these planning features allow your beneficiaries the ability to preserve and grow assets left to them – benefits not to be overlooked because you do not find yourself in the top 1% of the wealthiest folks.

Also, a good estate plan can seek to completely avoid the probate process.  Probating an estate could take years and will significantly delay distributions to loved ones.  Every filing, every motion, and every accounting in Probate comes at a cost with filing fees and lawyer costs.  Invest in an estate plan to seek to avoid these costs and administrative headaches while gaining certainty, privacy and peace of mind.

Contact Michael Geiger at Geiger Law to invest in your own estate plan and protect your assets for future generations.

Recommended Posts