Courtesy of Stamm Law

  1. Lower Estate Taxes.
    Many fear they will lose significant assets after being forced to pay state and federal estate taxes or state inheritance taxes. With proper planning, married couples can significantly cut back on the amount they are required to give to the government by establishing AB or ABC Trusts in their wills or revocable living trusts.
  2. Avoid Messy Confrontation.
    Family members and beneficiaries can waste time arguing over possessions if there are not adequate documents to dispose of them. Estate planning attorneys can help streamline this process so that all parties receive the proper assets and possessions efficiently.
  3. Protect Your Beneficiaries.
    If your beneficiary is a minor and you are protecting them from creditors, external negative influences, or bad decisions, it is required by law that a guardian or conservator oversees the child’s needs and finances until they become a legal adult. By establishing an estate plan, many families can ultimately avoid personal conflict and costly legal expenses.
  4. Avoid Probate.
    By creating a thorough estate plan, you’ll generally be able to sidestep many of the various pitfalls that come with probate.
  5. Avoid the Threat of Unforeseen Creditors.
    Asset protection is extremely important. Once you suspect that a lawsuit is looming, it may be too late to construct a document that will adequately protect your assets and possessions. By establishing a sound financial plan that comes with an estate plan, you will be able to protect your assets throughout your lifetime. By taking advantage of AB and ABC Trusts, you can protect your spouse and other beneficiaries as well.

Learn more at StammLaw.com or call 716-631-5767.