While there’s not much in the way of assets other than the house and some money in the bank, it would be nice to ensure everything did end up in the hands of the right person once the owner passes. To ensure that all details are worked out in advance, it pays to sit down with one of the Estate Planning Lawyers and come up with a plan. Here are some of the ways that the lawyer can expose the client to different approaches and point out the merits of each one.
Adding Life Insurance to the Mix
At present, the only life coverage the client has is through work. Even then, the amount is not that great. What’s really needed is something that would help settle all final expenses. Most Estate Planning Lawyers will want to start with the basics like insurance and deciding who should receive what assets that are already in hand. Based on the circumstances of the client, the lawyer may recommend a term life plan with a fixed payout, or urge the client to look into options for a whole life policy.
Establishing Trusts
Would it be prudent to set up some type of trust? It’s not unusual for parents to set up funds that are structured along the lines of what’s known as a family corporation. Essentially, investments are secured in the name of the corporation, and the children have the option of receiving a monthly stipend based on the net profits. This is a wonderful way to provide the children with some type of income that helps with college expenses, getting by while launching a career, and may even provide a source of revenue once the child retires.
Gifts to Organizations
Some people like the idea of leaving something behind for organizations close to their hearts. Houses of worship and local charities are two examples. The lawyer can structure the estate documents so those types of gifts can be passed on with ease.
Now is the right time to think about estate planning. Call the Law Offices of Tara M. George PC and make an appointment today. Bring along documents that make it easy to assess the current financial situation of the client. It won’t take long to lay the foundation for the planning, and even discuss ways to grow the estate over time.
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