09/28/2020
Attorney
· Lawyer
Everyone actually has an estate of some kind, comprised of everything of value including your car, boat, home, business, checking and savings accounts, stocks, bonds, cash, even your retirement funds. Personal property such as household furnishings, paintings, artwork, furniture, jewelry, watches, really anything of value you possess, is also included in your estate. So why is having an estate plan so important in this day and age? In the event of your death, all of these possessions need to be distributed according to your wishes to whomever you designate as your beneficiary. If you become incapacitated, having a designated person to manage your estate and make healthcare choices for you is oftentimes critical to preserving, what took you a lifetime to acquire. Even couples with underage children should have a plan for the welfare, education, and maintenance of children in the unlikely event that the two guardians become incapacitated or die. Having a clear and concise estate plan is really foundational to any good long-term life and succession planning strategy. Arranging your financial affairs for after death or becoming incapacitated is critical to protecting your assets and the best interests of those you love and hold most dear.
Most estate plans include a will, designated beneficiary, power of attorney, living will, and healthcare directives. Not having a will or an improperly drafted estate plan could result in many unintended consequences for yourself, your spouse, your children, or even your heirs, especially those who you want to benefit from acquiring your property at the time of your death. Regardless of the size or amount of possession you own, or the complexity of your estate, a will is a basic tool, a written legal document that expresses your wishes for the disbursement of your property and the management of your estate. These properly designed and executed documents will avoid family members from fighting over possessions and should lessen the chance of costly probate litigation. The attorneys at Heekin Law, P.A. have extensive knowledge and experience in drafting estate plans designed specifically to fit your needs and desires. We have collectively over 50 years of experience in matters ranging from business and commercial litigation, construction law to estate planning.
Most prudent individuals today have an Individual Retirement Account (IRA) or Roth and some type of retirement plan in place. Each plan allows you the opportunity to designate multiple beneficiaries. In many cases especially for younger adults, retirement plans may make up a significant portion of a couples or individual’s estate. It is important to properly designate the beneficiary of these plans so, in case of an untimely death, your wishes for the inheritance of your property will be carried out. In many instances, the designated beneficiary of a retirement plan will be a spouse or a child. This type of designation may have income tax advantages. There are also distinct disadvantages in naming your will or your estate as a beneficiary. IRA’s can also cause adverse estate and income tax consequences if not properly handled. Geoff Heekin, Ariel Spires, and Chelsey Pankratz can advise you on your best course of action so you can take full advantage of the tax benefits of a retirement plan and protect those assets from becoming subject to your creditors.
At Heekin Law, P.A. we are very skilled at designing flexible estate planning documents that give you the latitude to prescribe where your assets will go in the event of your passing. Our preparation of wills provides specific directions for the distribution of your estate and designating powers of attorney, healthcare directives, and living wills, help to govern your financial as well as medical affairs should you become incapacitated. Properly drafted estate planning documents are the foundation of any successful long-term goals of the estate planning process. We provide assistance and guidance in the implementation of your individual estate plan. For those that own or have an interest in a commercial business, our business law knowledge coupled with our estate planning expertise is an invaluable tool to ensure your assets are distributed the way you what them. When you work with one of our experienced Estate Planning Attorneys, you can rest assured your wishes will be carried out in your Estate Plan. Give us a call for a free, no-obligation consultation to discuss an estate plan that is right for you. Call Heekin Law, P.A. at 904-355-7000 for an appointment today.
