By Sarah Stewart Legal Group, PLLC
Many people look at estate planning as an unwanted necessity. When you think of the holidays, silver bells, snow, and family come to mind. I’m willing to bet the last thing on your mind is estate planning.
I’d like to challenge you to change your perspective this Holiday Season. Though an estate plan may not be the sexiest gift to give your family, it is certainly one of the most practical!
The Gift That Keeps On Giving
If you have ever had to be involved in the court procedure to transfer assets of a deceased family member (probate), you know how exhausting, complicated, and uncomfortable a task it is to try to navigate the court system while grieving.
Also, if you don’t have the proper documents in place, the Court may choose for you who gets what. Did you know that in Oklahoma, if you have children, your spouse is only entitled to 1/2 of your assets that aren’t jointly owned when you die? If your children are from another relationship, that percentage could be even less. Is that what you want for your spouse?
Preparing your own estate plan for probate avoidance gives your family the gift of peace and security, for years to come. Moreover, advanced preparation will allow your family to access funds to plan your funeral services and pay final expenses for you without having to come out of pocket for those bills themselves.
Such a wonderful gift for your loved ones, who have their own financial concerns, or your spouse who’s struggling to pay all the bills after your death, not to have to worry about your finances as well!
By giving the gift of estate planning to your family, you are offering to continue to help care for them despite not being able to physically be there.
Gifting for Tax Purposes
The government allows an individual to get tax deductions for giving gifts to others during the individual’s lifetime, including charitable organizations. Speak to your financial, legal, and tax advisors to find the best way to offer lifetime gifts to others over the holidays.
Look for the Helpers
When making an estate plan, you have a lot of considerations and decisions to make. Your trusted financial, legal, and tax advisors can come together to formulate the right plan to suit your needs and goals. Reach out to your trusted advisors today to give your family the gift of security and peace of mind this year!