Some people think they have so few assets that they don’t need to do estate planning. In most cases they’re wrong. You may have more than you realize.
Even individuals who have no savings may have significant assets or specific needs that require estate planning.
A home is typically a person’s largest asset. You want to make sure that after you pass away your home goes to the right beneficiaries. Also, you may have life insurance proceeds and retirement funds. Then there’s the issue of taxes. You want to ensure that whatever you leave, your estate will have to pay the minimally required state and federal taxes. And, what about medical directives regarding your end of life wishes for life support if you are fully incapacitated and unable to communicate?
Estate planning addresses all these matters. Documents such as a Last Will and Testament, a Health Care Power of Attorney, and a Living Will are important to ensure that your final wishes are respected, the proper beneficiaries are identified, and your end-of-life needs are enforced. An attorney specializing in estate planning can help you determine which documents you need and can prepare them on your behalf.
Getting Legal Help
Attorney Elga Goodman is a highly regarded and experienced estate planning attorney who has helped many families prepare estate planning documents tailored to their unique needs and wishes. We can make the estate planning process easy for you and your family. Contact us today at 973-841-5111.
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Information accurate as of the publication date of 2012