The following educational article addresses the questions that I typically receive in my client meetings and seminar presentations. This information may be helpful for you in understanding the benefits of using living trusts to help your family avoid the time, expense and aggravation of having to go through the probate court process in the event of the death of a loved one.
I have found that most families are not even aware, until it?s too late, that they could have avoided probate court entirely after the death of a loved one. They could have maintained control of the family assets. They could have protected their family?s personal and financial privacy from public court records. They could have protected their assets from creditors and predators, and settled their loved one?s estate privately without ever having to deal with probate court.
Unfortunately, most of us do not like to contemplate the fact of mortality, either our own, or of a loved one. We often put off consulting an estate planning professional until it?s too late. Most people contact me about estate planning only after they have been specifically advised to do so by their financial planner as part of their wealth management plan. In a few instances, some people may call because a trusted friend or someone they know has recently gone through the probate court experience, and has urged them to get an estate plan in place to avoid having their family go through that horrific experience. Financial planners are in almost unanimous agreement that it is better for their clients to use living trusts to settle the estate of a loved one, rather than to have to go through probate court.
Most people think that they don?t have enough assets to worry about using living trusts. That is only true for the 1% who are concerned about avoiding estate taxes. But for the 99% who need to be concerned about avoiding probate , using living trusts makes more sense for their family than the alternative of having to go through probate court. The cost alone for the family to have to go through probate can add up to 8 ? 10% of the estate in fees and costs. Ten (10%) percent in fees for even a ?small? estate can add up to a large expense for a family. (Forexample, 10% of a $300,000 estate equals $30,000 in fees and costs!). Just having a Last Will to tell the probate court what you want done is simply not enough today. You can have it all done privately by your family without having to go through probate court. Of course, the probate professionals don?t want you to know about that!
Once folks learn about the benefits of using living trusts to avoid probate, such as the significant cost savings, the protection of their family?s privacy from public court records, and the protection of their assets from creditors & predators, they usually put aside their aversion to planning for death. If you do not have a plan in place, you should immediately call an estate planning attorney for an appointment to set up your living trusts for your family. The peace of mind that follows for the entire family is priceless.
For more information, contact Attorney Jim Keys at (513) 349-1678, or jkeys@keyslaw.com, or visit www.keyslaw.com.
?
Attorney Keys offers estate planning services to families throughout Southwest Ohio. His distinguished 35-year career includes experience in civil law, family law, probate, and business law. Jim offers free in-home consultations, as well as free seminar presentations to families, financial advisors, church and civic organizations. Jim also serves on the board of the Atrium Medical Center Foundation.?
(The use of trusts involves a complex web of tax rules and regulations. You should always consider the advice and counsel of an experienced estate planning attorney to assist you in setting up and implementing your estate plan.)
?
lewis black kirkwood chris brown and rihanna nightline brady quinn brady quinn bloom box
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.