That may sound strange coming from an Estate Planning Attorney, but I want to help you focus on what matters most. Yes, we should do what is reasonable to protect ourselves from losing our assets in a lawsuit. However, I meet so many folks that want to prepare for a lawsuit, which may or may not happen; yet, they don’t want to prepare for what is 100% certain to happen: your death.
I understand. For most folks, it’s not something they want to think about. But if we ignore the thought of death, it can cause a lot of pain for our loved ones.
I see myself as the Death Coach for your assets. I know thinking about your death isn’t about material things, money or wealth. You can’t take those things with you. But, often I see these types of things destroy families. Consider this…
- Up to 7% of the Fair Market Value in your wealth can be taken in probate fees.
- Your family must go to probate if you die with over $20,000 in your name.
- Without a plan, your family may fight over what’s left.
- If your spouse gets remarried after your death, the new spouse will likely take everything and leave your children with nothing.
- If medical bills pile up at your death, your spouse could lose everything to creditors.
- Your children and grandchildren often get nothing because they lose the inheritance in a Lawsuit, Bankruptcy, the IRS or Divorce.
If that’s not bad enough, it’s estimated that you’re 6 times more likely to become mentally disabled this year than you are to die. So now the assets are being spent in Guardianship Court and on attorneys so there’s less to give to your family when you do die.
Get a well drafted trust. It solves all these problems.