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What can you expect in a candid sit-down with estate planning counsel?

We alluded to year-end resolutions in our immediately preceding blog post, noting in our November 27 entry that many good-faith planners resolutely try "to stay on top of important things in life."

We get that many individuals and families find that hard to do when it comes to estate planning. The age-old perception that the subject matter is simply for "old" and relatively well-heeled people and all about death and taxes can be hard to shake.

Truth differs from perception, though, with it flatly being the case that estate planning is a practical and important exercise for virtually any adult in California or elsewhere. One wealth manager and financial author penning a recent article in a national financial publication stresses that there are multiple reasons why every adult (regardless of net worth) "should have at least a basic plan."

Following are just some of the reasons why that is true:

  • State estate taxes (limits vary and things change, which a proven planning attorney/CPA can address in a consultation)
  • Young children's interests can be key (guardianship appointment is tremendously important for legions of young couples
  • Health care proxy and durable power of attorney (planners can rest confident knowing that key medical and financial decisions will be made if they become incapacitated)
  • Charitable goals, gifting, family legacies (these are flatly important focuses for many Americans)

The adage "knowledge is power" is of course universally applicable, but perhaps especially so when it comes to a party's solid understanding of the broad-benefits that are realizable through sound estate planning.

An experienced estate administration attorney can provide further information.

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