Estate Planning Solutions

You are remembered for what you give, not for what you take.

Estate planning is sometimes misunderstood to mean that only the wealthy need to worry about it. This leads to excessive estate expenditures and additional hassles for your loved ones. An estate plan specifies how you want your assets owned, managed, and maintained during your lifetime, as well as how you want them distributed when you pass away.

Whether you're young or old, wealthy, or middle-class, an estate plan can help you simplify and speed up the transfer of assets to the next generation and protect your heirs. It also offers you control over how your wealth is allocated and who benefits from it, which might be anyone or any cause near and dear to your heart, leaving a legacy for the community.

For more information on estate planning solutions do get in touch with us on: contact@wealthymonk.in

The first step in an elder law trusts and estates matter is to gain an understanding of the clients family dynamics. If there are children, which is usually the case, we need to determine whether or not they are married. Is it a first or second marriage? Do they have any children from a previous marriage or do their spouses? What kind of work do they do, and where do they live? Do they get along with each other and with the parent clients? We are looking to determine which family members do not get along with which others and what the reasons may be. This goes a long way toward helping us decide who should make medical decisions and who should handle legal and financial affairs. Should it be one of them or more than one? How should the estate be divided? Is the client himself in a second marriage? Which children, if any, are his, hers, or theirs? Sometimes all three instances may occur in the same couple. Here, further exploration of the family functioning will be needed as the potential for hurt feelings, conflicts of interest, and misunderstandings multiplies. In addition, great care must be taken to develop a plan for management, control, and distribution of the estate that will not only be fair to the children from a previous marriage but will be seen to be fair as well. At times, the assistance of the professional advisor in acting as trustee may be invaluable in helping to keep the peace between family members. Finally, this step will also flesh out whether there are any dependents with special needs and which family members and assets might be best suited to provide for such children.

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