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Home >> Estate Planning Articles >> Five Non-Tax Reasons You Need an Estate Plan

Five Non-Tax Reasons You Need an Estate Plan

January 31, 2013 by Robert Kulas.

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes.

The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan.

Here are just a few non-tax reasons to plan:

  1. Put the Appropriate People in Charge. An estate plan allows you to choose people who can be given authority to make financial and medical decisions on your behalf if you become disabled. It also lets you name your executor, your trustee, and the guardian of your minor children – all the people who will be in charge of making sure your wishes are carried out and honored after your death. Without an estate plan, these people will be chosen by a judge – and they might not be the same individuals you would select – in fact, the judge could select a complete stranger.
  2. Distribute Your Assets the Way You See Fit. With an estate plan, the property you’ve worked so hard to accumulate goes to the people you choose, in the proportions you choose, and at the times you choose. If you do not have an estate plan, your property is distributed to your family members according to a scheme provided by state law. No allowances are made for family dynamics, personal preferences, or special circumstances.
  3. Protect Your Loved Ones’ Inheritances. Your children’s and grandchildren’s inheritances face all kinds of threats. Without a solid plan, the money and property you pass on to your family members can be eaten away by their financial inexperience, divorce, or lawsuits. Money you’ve earmarked for inheritances can even disappear during your lifetime if you’re faced with nursing home bills. Your estate planning attorney can build provisions into your plan to protect your family’s inheritance from these threats and more.
  4. Help Your Business Thrive for Generations. If you own a business, your estate plan should include a solid business succession plan. This increases the odds that your enterprise will make a smooth transition from the first generation of ownership to the second – and beyond.
  5. Prevent Conflict and Reduce Stress. The death or disability of a loved one is a stressful time for a family, and it can be fraught with conflict. When you put an estate plan in place, you provide your loved ones with a roadmap for negotiating this difficult period with as little tension as possible.

If you are among the majority of American adults who do not have an estate plan, or if you haven’t updated your plan in a few years, now is the time to meet with an attorney who focuses practice on estate planning. He or she can help you put a plan in place that meets each of your goals and protects you and your loved ones – whether or not estate taxes are a concern!

Kulas & Crawford

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

~Joan C
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

~Mildred W
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

~Leo C
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August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

~Krissy L
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August 25, 2020
    

Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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