What We Wish Everyone Knew About Estate Planning

Estate planning can feel like uncharted territory. Because of this, we have summarized four things that we wish everyone knew about estate planning.

1 . The earlier you plan the better.

Planning early can ease uncertainty about the future and allow for later planning opportunities that might not be available otherwise.

2. McCullough Law has solutions to complex problems.

We see estate plans through from the drafting stage to administration and beyond. This gives us a unique perspective on how to navigate and solve the most complex and vexing issues in estate planning. Our experience allows us to protect inheritance from divorce, lawsuits, bankruptcy; minimize contention among beneficiaries; maximize tax savings; keep assets in the family; prevent spoiling beneficiaries; and create clear custom solutions for unique situations.

3. Your trust needs to own assets for it to work properly.

Without any assets in it, a trust is a very expensive stack of paper. It is essential that assets be retitled or beneficiaries be updated in line with attorney recommendations for the goals and objectives of your estate plan to be successful.

4. Estate planning is never “done.”

Estate planning is a continual and iterative process—it should grow and change with you. Your estate plan should be reviewed regularly with an attorney to ensure that: (1) the right beneficiaries are listed; (2) proper controls on inheritance are included; (3) the right people are in charge of managing your estate when you die; (4) your estate, asset protection, and tax goals are being achieved; (5) your plan is compliant with current law; and (6) assets are titled properly.