Estate Planning’s Role in Generational Wealth
Estate planning and wealth preservation are not only for the mega-rich; they are for anybody who has a family, owns a business, or just wants to guarantee that their assets are transferred in accordance with their preferences. Furthermore, maintaining and preparing entails more than just writing a will. Tax issues, charitable giving, changes in relationships, and the unavoidable changes in the law all necessitate the use of a long-term attorney to guarantee that your plan matches your intentions today and in the future.
Gomez Law, APC’s estate planning practice has substantial experience assisting clients in a variety of ways. When you reach out to an attorney, they will evaluate your unique situation to understand your specific goals and needs. Estate planning attorneys can:
· Advise you on your estate planning options
· Ensure that your estate plan is compliant with existing laws
· Create and implement an estate plan tailored to your needs and circumstances
· Provide you with the support and guidance you need when planning your future
Developing a Strategy to Protect Your Assets and Legacy
A report by the Center on Wealth and Philanthropy at Boston College finds that America is now seeing the largest wealth transfer in history. Between 2007 and 2061, a projected $59 trillion will be divvied among heirs, charities, and taxes. However, around 70% of wealth transfers fail. This means that heirs may receive almost nothing at times. This failure can be attributed to three factors:
· Due to jealousy and competition, there is a lack of trust and open dialogue among the heirs.
· Heirs are ill-prepared to manage an inheritance, which may include investments or a company. Other family members frequently do not understand how it works.
· The heirs have no concept about where the money should go or what objective it should serve since no one is thinking about the long-term implications of what decisions should be made about the assets of the family.
How can Americans avoid this failure? When it comes to ensuring your loved ones inherit the assets you've earned throughout your lifetime, estate planning provides a streamlined method. It clearly specifies your ultimate intentions and gives you the freedom to create a financial strategy for future generations. In fact, if you don't plan ahead of time, state probate rules will govern how your property and money are managed in court-- something most people don't want.
Building a Future for Those You Love Begins Today
Tomorrow arrives all too quickly, which is why you should begin planning now. The goal of wealth preservation and estate planning is to secure your assets and pass them on to future generations on your terms. Gomez Law, APC counsels clients on all aspects of estate planning, including mitigating risk, financial powers of attorney, healthcare powers of attorney, estate and gift tax planning, and will and trust drafting. We begin by addressing your immediate needs, then move on to those in the future.
Our attorneys meet with you from the start to explore where you are and where you want to go, and then work cooperatively to design an estate plan that ensures your wants and requirements are met, including:
· Conducting a thorough examination of asset kind and ownership, examining the ownership of assets that are not normally subject to probate administration, and advising on appropriate arrangements to avoid probate, if applicable
· Drafting fundamental testamentary estate planning documents, such as a last will and testament and, if applicable, a revocable trust, which serves as the blueprint for how each client's assets will be divided.
· Creating health care directives that allow clients to choose a stand-in decision-maker in the event that they become incapacitated. We help make specific and personal decisions about the various methods of medical care they want or don't want to get.
Contact Gomez Law, APC to Protect Your Legacy
An estate plan consists of more than a well-drafted will or trust. We work with our clients to first understand their assets, family relationships, and ultimate goals in planning for key life events, and then to build and implement an estate plan that is tailored to their specific requirements.
Life is full of surprises; we can't plan for them, but we can prepare for them. Creating an estate plan is one step in that direction. It’s recommended that you secure an estate plan that can change with you over time, in addition to having a trusted estate planning attorney who understands your wishes today and in the future. You’ve worked hard for what you have and deserve the peace of mind that comes with knowing your affairs are taken care of and protected.
Contact us today to set up a free 30-minute consultation with our experienced estate planning and probate attorneys to learn more about how we can help you.