Estate planning can be a complicated endeavor if you try to do it alone. As a funeral director I?m often asked estate planning questions while making funeral plans with families. Due to the nature of our meeting the questions usually will center on ?final estate planning? and what should they be doing to prepare? My response is always the same ?seek the advice of a professional estate planning specialist.?
Regardless of a person?s phase of life, estate planning is something I believe should begin as early as possible. Having heard untold numbers of horror stories from families about losing inheritances due to poor estate planning, I?m convinced the earlier a person starts planning their estates, the better condition their ?final estate? will be in.
Estate planning can encompass many areas of a person?s life. Planning for each phase of life can be a daunting task. Many things must be taken into consideration. It is very easy to become overwhelmed just thinking about it and why I believe many people just never get around to doing it formally. Hence, adding problems that many times will surface at the worst time, which is at or near the end of a person?s life. This of course only adds to the stress of loved ones who must then also deal with these estate issues.
Rules and regulations on issues related to estate planning change frequently in my observations. Particularly, those involving senior citizens such as Medicaid and asset allocations. Taxes and inheritance issues involving a person?s estate can be complex also.
For this reason, I would advise anyone considering a proactive approach to planning their estate, to discuss these issues with your attorney or CPA first. They should be able to help with these important issues or refer you to the appropriate people who specialize in these areas. If you don?t have an attorney or accountant to ask, call your state bar association for a referral. They should be able to provide you with names and addresses of attorneys in your area who specialize in estate planning matters.
Remember to incorporate some form of funeral pre-planning in your ?final estate? plans. Many people go to great lengths to have their estates planned out, only to neglect to prepare for the most final of plans, their own funeral. Of all planning done, this will be among the most important and remembered by your family and loved ones.
When planning a funeral, www.funeralresources.com says that more than 75% of families need help with funeral estate planning, financial planning, and tax planning, Three of the biggest reasons most families need professional help are: 1. The lack of a proper Estate Plan. Sadly, greater than 70% of all people who die have never even created a Will, also known as a Last Will and Testament.. 2. These matters are often extremely difficult to work through shortly after suffering from such an emotional loss. 3. Lack of a funeral preplan, end-of-life plan, Family Record Guide, and/or funeral insurance By far, the most common questions, concerns and challenges are related to Funeral Estate Planning matters. Some of the Funeral Estate Planning challenges include the lack of a Will or Living Trust, difficulty locating a copy of the original Will or Trust, calculating and properly filing income tax and estate taxes, dealing with probate, difficulty located many important financial documents, collecting life insurance proceeds, family disagreements, and much more. At www.funeralresources.com, you can find a National Directory of Pre-Screened Funeral AND Financial Professionals. There are five fifferent types of Financial Professionals, including Retirement and Financial Advisors, Estate Attorneys, CPAs, Insurance Specialists, and Health Insurance Agents. By having these professionals in the same National Directory, this serves as a major benefit to many families because these Funeral ?
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