You probably know that a good estate plan is designed to help you save on estate taxes and avoid the costs and hassles of probate. But that is only part of what a good estate plan can do for you.
Dan is an expert in designing and implementing comprehensive estate planning strategies to help people preserve their wealth. But he sees estate planning as much more than that. He wants you to be able to transfer your wealth to the ones you love in ways that promote their financial security, but also in ways that serve to protect them from creditors. predators and, in some cases, from themselves.
For example, one of your children could be involved in an auto accident and be sued, owing hundreds of thousands of dollars. Maybe one of your children is a doctor and loses a medical malpractice case. The patient could end up getting every dime. Or your child ends up embroiled in an ugly divorce, and the ex-spouse gets half the money you worked so hard to make and protect.
Such scenarios are not pleasant to consider, but occur every day. And every day, the money earned by people like you, after a lifetime of hard work, goes not to the intended beneficiaries, but to others not even family members.
Another example might be when a child develops a substance abuse problem, a gambling problem or a mental illness. Inheritances can be squandered. Such children need to be protected from themselves.
Dan can implement one of a myriad of techniques and strategies, often in the form of specialized trusts, to prevent any of these scenarios from taking place. The techniques are simple, yet offer the protection you want. And such trusts may be set up easily and inexpensively. They may simply involve an adjustment to the estate plan you already have in place.
Such trusts may also be established for the assets you may want to gift to your children or grandchildren during your lifetime. Certain trusts can be set up to pay for your grandchildren’s education, for example.
Another strategy involves turning over your existing retirement plan, such as your IRA, and turning it over to your kids. But you can stipulate that the money may only be used to supplement money they are earning on their own. You prevent them from getting a free ride.
A good estate plan is also a way of preserving your family’s legacy. Dan can set up the proper type of plan that will protect your hard-earned assets from going from anyone other than those you intended. Your money will go to help those you love -- in the responsible way you want it to.