According to global experts, the pandemic has irreversibly impacted the world’s population. The whole globe is heading toward a population crisis, and the pandemic has shown no signs of stopping as it continues to mutate into new variants.
In such uncertain times, planning for the future becomes even more important. Are you currently mulling over your end-of-life plans? Estate planning can be complicated if you’re not sure what to consider. The good news is that we’re here to shed light on three common considerations that many people overlook when estate planning. Get informed below.
1. Simply Leaving Your Assets to Your Children
When you’re planning for the future, it makes sense to think about what will happen to your valuable assets when you pass away. Big ticket items, like your home or car, took you years to pay off, so you don’t want to be haphazard when it comes to passing these items down to your heirs.
Why? If you simply leave your assets to your children, then a number of things could happen. For one, the asset might get sold to pay off your own estate’s debts. If your asset does go to an adult child that has a lot of debt, then your asset could potentially go straight towards paying off your child’s debt! Even worse, if your child is a minor, then your asset might be under the control of whoever is the legal guardian of the minor child.
2. Failing to Consider Inheritance Taxes
While going through the estate planning process, you need to consider how inheritance taxes will impact your heirs. Personal finance planning is crucial because different states have different laws. Ohio doesn’t have an inheritance tax, but the situation might be different if you’re giving to survivors who reside out of state or if you’re receiving an inheritance from an out-of-state relative who passed away.
3. Planning for Potential Incapacity
Most Americans who are undergoing estate and personal financial planning don’t consider the possibility of becoming incapacitated. For instance, conditions like Alzheimer’s can render you pretty vulnerable and unable to make your own choices.
Talking with an estate planning attorney can help you put documents in place to help your loved one have the authority to make financial, medical, and legal decisions for you in these circumstances.
Planning for the Future in 2022 and Beyond
If you’re planning for the future, then it’s wise to consider the factors above. All too often, these factors aren’t considered until it is too late. One of the best things you can do to ensure that you have all your bases covered and that everything you’ve planned will be legally binding is to consult with an experienced estate planning attorney to finalize your plans
Once you’ve got everything set up, you can feel assured that your loved ones will be taken care of amidst their grief.
Are you ready to talk with an estate lawyer about finalizing your future plans? Here at Deliberato Law Center, we have extensive experience helping our clients protect their loved ones, their assets, and their accumulated wealth. Schedule a consultation with our office now to learn more about how we can help.
Contact the Estate Planning Attorneys at Deliberato Law Center