Summer vacation season has come and gone. I was recently speaking to a friend who had just planned and executed his family’s summer beach vacation. He was explaining how he shopped for hours online for the just the right house at just the right beach. He had considered other options such as the mountains or a cruise. He had called to set up events, including a day of fishing. He knew what restaurants he wanted to visit. Every detail of the week was accounted for.
I asked him how much time he had invested in planning the trip and he thought he probably had spent about 20 hours preparing. Then I asked him what would have happened if he would have been in a car accident on the way there. What if he had died or become disabled? What would have happened to his wife and children? He had no answer.
Clearly, planning for a vacation is much more exciting than doing estate planning. However, it always amazes me how much time people spend planning for a one week trip, yet they haven’t given ten minutes of thought to their estate plan.
If you stop think about it, you’ve spent a lifetime working hard to accumulate the assets you have. Perhaps you should spend a little time becoming educated on what is going to happen to those assets. What would happen if you would need the nursing home? How long would you be able to afford the approximately $100,000 annual bill? Who would help you manage your affairs if you couldn’t do it yourself? What are the tax implications of passing assets to the next generation? Can you protect your kids’ inheritance from their potential divorces?
With summer vacation season behind us, NOW is the time to make your estate planning a priority. Just like with planning a vacation, the first step is to become educated about your options. You need to understand the pros and cons of each estate planning choice. For more information about your estate planning concerns and options, please consider attending one of our FREE workshops. To view our remaining 2017 workshop schedule, visit www.HeritageElderLaw.com and click on the Workshops tab. You can register online, or call (724) 841-0004. Now is the right time to focus on your estate plan! Call Today!