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

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

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

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

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