Simplifying our lives is a laudable enterprise. The “less is more” concept declutters our lives and allows us to be in and enjoy life’s moments. However, applying this concept to estate planning may not serve your best interests.
Avoiding estate planning may seem the simplest alternative. You don’t have to find qualified advisors, lawyers, and accountants. You don’t have to make any decisions. You get to sit back and let the state divide your property.
Estate planning by default, however, will likely complicate the lives of your loved ones and may not create the legacy you hoped. Lack of estate planning will also not produce the results you want during your lifetime. That is because estate planning is not just about distributing your assets when you die but what happens to you and your property while you are alive. Estate planning is not just death planning but also life planning!
"Everything should be made as simple as possible, but not simpler."
While most people focus on what happens to their property once they die, they fail to plan for their incapacity. Memory loss from Alzheimer’s or another form of dementia, a sudden illness, like stroke, or an accident, can leave you legally incapacitated and unable to speak and act on your behalf. A well drafted estate plan will consider your wishes regarding your property after you pass and will also provide direction and give power to those you trust to act on your behalf and protect your interests, for both your health and your property.
The good news is, it’s not hard nor complicated to prepare an estate plan that meets your needs now and provides for your legacy. Simplicity in estate planning means taking the time to meet with your attorney, accountant, and financial advisor to help you prepare for both your life and your legacy.
Eidelman Law Firm believes that good estate planning is about teamwork. It requires all the players coming together and aiming for the same goal: assuring your intentions are carried out. A well-designed estate plan calls for more than a lawyer. Accountants, financial planners, and insurance brokers can change your estate plan from adequate to extraordinary, affording you the peace of mind that you have done the most you can to care for your loved ones and leave the legacy you desire.
A Team of Seasoned Advisors
Located in the same building as Market Advisory Group, Eidelman Law Firm provides clients immediate access to the seasoned financial advisors of Market Advisory Group, LLC,* and the tax planning expertise of Market Tax Services.** Team-based estate planning is the future of estate planning. Combining the skills and experience of independent advisors is the best way to avoid the pitfalls you may miss in preparing your estate plan.
*Market Advisory Group, LLC is an independent investment advisory service company. It is not affiliated with the Eidelman Law Firm. It does not dispense legal advice or services.
**Market Tax Services, LLC is an independent CPA firm not affiliated with Eidelman Law Firm. It does not provide legal advice or services.