Two More Good Reasons to Plan Your Estate

As noted in our previous post, people often ask about why it is important to have an estate plan. Here are two more good reasons:

• Allows you to protect yourself and your loved ones in the event you become disabled. Without powers of attorney for financial matters and health care, if you become disabled, your loved ones will be dealing with the courts, which is costly, time consuming and stressful.
  
• Save your heirs taxes, time in settling your affairs, surety insurance premiums and legal and accounting costs. Did you know that the tax rate for accumulation trusts has increased significantly under recent changes to our tax laws and particularly under Obamacare? It is important that if you have a trust that you have it reviewed to ensure that the income is distributed, not accumulated.