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Reasons for Estate Planning

People who do not have estate plans, often wonder why they should get one. People want to know what they and their family can get out of an estate plan. In large part, this depends on individual circumstances.

What assets a person has, how valuable those assets are and who they should go to after the person passes away, all make a big difference in answering why a person needs an estate plan. There is not a general answer that is truly going to be applicable to everyone.

However, there are three basic categories of reasons for why people should get an estate plan, as Forbes points out in “The 3 Reasons Why People Do Estate Planning.”

Those reasons are:

  • The first reason is to lower costs. Estate planning can help avoid having an estate go through probate, which can be an expensive process. Another thing it can do is to lower tax burdens on estates and heirs.
  • Therefore, money that would otherwise be lost, stays in the estate for heirs.
  • The second reason for estate planning is to protect assets for heirs. Wanting to make sure your assets are not lost paying for nursing home care, is a reason to plan your estate. You can also use trusts to protect some assets from being lost for other reasons.
  • The third reason is to manage and control who will get your property after you pass away and how they will receive it. This includes more than just giving property directly to heirs. With estate planning, you can also make sure it is a challenge for an irresponsible heir to waste their inheritance.

Reference: Forbes (May 21, 2018) “The 3 Reasons Why People Do Estate Planning.”

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben