Categories
Long-Term Care Planning

Alpha Family Office – Estate & Retirement Planning – NYC [Video]

Watch/Read More
undefined
Categories
Long-Term Care Planning

What are some dangers when you fail to ESTATE PLAN? | Estate Planning with Attorney Paul Knudsen [Video]

The Dangers of Failing to PlanAccording to the AARP, only 60% of people over the age of 50 even have basic wills. Only 45% of people have durable powers of attorney, 30% have health care directives, and only 23% of these people have living trusts. In other words, the vast majority of people don’t even have the very basic and minimum estate planning documents that they need to plan for future generations. The benefits of a proper plan are numerous. For example, you may be able to minimize or avoid probate matters entirely with the proper plan. Through basic planning, married couples can reduce or even eliminate estate taxes by setting up a be trusts as part of their wills or revocable living trusts. Perhaps most importantly, you can avoid a mess down the road. Choosing someone to be in charge in case you become mentally incapacitated for example can spell out exactly what happens if and when that day comes. Being clear and concise with an estate plan can also minimize the chances of disputes in family members and costly probate court proceedings. Even the best people sometimes get funny when it comes to money. A proper estate planning plan can go a long way to promote family harmony later on.Need help Planning Your Estate? Better call Paul 800-800-4300 for Denmon Pearlman Law.