Although we are living longer lives, in many instances, we are forced to rely on our loved ones or paid caregivers to navigate health and financial challenges. When you have an end-of-life plan in place, you can shield your loved ones from these issues, while ensuring you have a contingency plan in place in the event of your death or incapacitation. Your end-of-life plan will ideally incorporate elder law services and estate planning services. An estate planning attorney serving Wenham from the Family Estate Planning Law Group team can be an incredible advocate for you, your family, and your future.
The FEPLG estate planning attorneys serving Wenham use a unique system to create an estate plan that is perfect for you and your needs. This system starts when you come to our office for a complimentary consultation. We will answer your questions and take the time to learn about you and your unique situation to ensure we are all on the same page as far as your goals and wishes.
You may choose to have a Family Care Meeting™ as a part of your estate planning process. This is a meeting that includes our team as well as the people who will be involved in your plan. This could be your family members, loved ones, friends, trusted advisors, financial planners, accountants, and anyone else you want to be a part of the process. Our highly experienced, knowledgeable team will facilitate the conversation, answering questions and explaining the process. Many people find this meeting opens up communication, particularly with adult children, ensuring there are no unpleasant surprises following your death or incapacitation.
Because your estate planning needs change over the years, we include our ongoing client care program. Perhaps you are divorced, remarried with a blended family, have just had your first child, have experienced a death in your family, or just married. Your level of assets may have changed since the preparation of your estate plan. In some cases, the laws governing estate plans may change, or the rules of your financial institutions may have changed. Or you may simply want to make changes to your current estate plan. We will be there every step of the way, helping you to ensure that your plan stays current and relevant. Our firm’s tagline is something we believe deeply in: Together We Plan for Life®.
What is Estate Planning?
When you plan for your estate, you are essentially deciding who will benefit from your assets once you are gone. Your estate includes everything you own, such as your household items, bank and retirement accounts, life insurance policies, and so on. To help you create a plan for how your property and assets should be distributed, a FEPLG attorney experienced in Wenham estate planning needs can walk you through the process.
Remember, an estate plan is more than just a sheet of paper with names of who should receive what. Comprehensive estate planning involves other aspects of end-of-life care you may not have considered, including:
- Avoiding probate court
- Minimizing or eliminating your loved one’s exposure to costly estate taxes
- Choosing a guardian for your minor children
- Ensuring special needs family members are provided for without jeopardizing their government benefits
- Choosing a trustee to manage assets and property for your beneficiaries
- Protecting assets for your children from creditors or divorce proceedings
- Setting up a Health Care Proxy to have medical decisions made on your behalf in the event of incapacitation
In Massachusetts, dying without an estate plan will not only require your family to go through the probate process, but it is also unlikely your wishes will be followed. If you only have a Will, the state requires your family to have a probate judge approve it after you have died. If it does not receive this approval, or you do not have any Trust or Will in place, your estate is subject to succession laws. This means your assets could go into the hands of someone you would not want them to go to.
Why Your Estate Plan Needs Asset Protection and Business Succession Strategies
Estate planning involves more than just protecting your personal assets from creditors and family disputes. This process can also provide strategies for protecting your business assets and ensuring that your succession wishes are followed.
For some, the idea of business succession seems relatively simple on the surface, but you should be cautious regarding who you decide should take over in your place. Choosing a successor beneficiary who has little or no understanding of or training for running a company could quickly turn your lifetime of hard work into a failure.
You do not want to see the relationships you have built with other business owners break down. This makes it vital that you work with an experienced FEPLG estate planning attorney with the skills and knowledge necessary to help you create a comprehensive business succession plan.
Wenham Families Rely on Reputable Estate Planning Attorneys
If you are ready to take the next step in protecting your business and its assets or protecting your estate from greedy creditors, the Family Estate Planning Law Group is here to assist you. Since 1990, we have exhibited an unwavering commitment to helping businesses and families in the Wenham community and beyond plan their estates.
Since our firm was founded over 30 years ago, our estate planning legal team has helped residents throughout this charming rural town create legacies that last generations. From charitable trust creations that support the Wenham Museum to ensuring family-owned businesses can continue passing down from generation to generation, we are here to provide estate planning and business succession guidance.
Contact us today about your estate and business assets to learn how you can protect your wishes and your property in the event of your death or incapacitation. We also share a wealth of information on our website and blog and encourage you to visit them to discover answers to some of your most common questions.