Tackling Your Estate Plan in 2012
Author: Denise D. Hoffman
Published: January 11, 2012 -
Benjamin Franklin is acclaimed for many reasons – as one of the Founding Fathers of our fine country, as an inventor, as a diplomat, as a scientist – just to name a few. But for tax attorneys, particularly those who focus on wealth and estate planning, he is namely cited for his poignant statement that “…In this world nothing can be said to be certain, except death and taxes” – a statement first made by Franklin in a letter to Jean-Baptiste Leroy in 1789 which still holds great truth some 220 years later. Some things never change.
Humans are distinct from other living beings in many ways, but none more distinct than the insistent knowledge that we will eventually die. This is a fact that no one likes to spend time contemplating, whether able-bodied and enjoying a healthy life, or in the throes of illness or advanced age. But the fact is that we all must deal with our mortality on many levels including the practical level of planning our estate.
Maintaining the ability to determine who should enjoy the benefit of your life’s work, what individuals and charitable organizations should receive the bequest of your assets – regardless of whether these assets are small or grand in terms of the actual financial worth – this is a representation of your life and you should choose how it is all distributed.
There are many reasons why estate planning is critically important, but the choice involved with naming your beneficiaries is of primary importance to most people. So in addition to saving on potential taxes, and limiting the costs and attorneys’ fees associated with the estate process, you can also afford your loved ones the ability to mourn your loss without being simultaneously burdened with unnecessary tasks and confusion by taking very basic preliminary steps.
A simple last will and testament can satisfy this primary issue and more sophisticated documents and planning mechanisms can satisfy more sophisticated tax planning needs. But to ensure that your legacy and the fruits of your life’s work are handled according to your wishes, a simple estate plan is a must for everyone. While we cannot control death or taxes, we can certainly take the steps that are available to ensure that we control how our legacy will ultimately be handled. And with that comes a priceless peace of mind.
Please let us answer your questions and assist you with this critical task. Call to schedule a consultation with Ms. Hoffman, the head of our Wealth & Succession Planning practice group.
Denise D. Hoffman is a Partner with Mastin Hoffman & Crews LLC. Ms. Hoffman can be reached at 303.217.4876, or via email at denise@mastinlaw.com.