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Don't Delay in Finalizing Your Estate Plan

If you haven’t already done it, now might be the time to arrange for an estate plan for you and your family.

It’s as simple as knowing that good estate planning is more than "just a simple will". Estate planning also will minimize potential taxes and fees, while simultaneously creating a contingency plan that ensures you wishes regarding health care treatment are followed.

On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a pension plan), and other property in the event you became disabled or if you die.

But there are personal benefits as well. A good estate plan includes directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you select would authorize those decisions on your behalf.

Living Trust

A Living Trust is used to hold legal title to and provide a mechanism to manage your property. You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust.

Unlike a Will, a Trust, usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death.

Most Trusts are “revocable” which allows the person who creates the trust to make future changes, modifications and even to terminate it. (If the trust is “irrevocable”, changes, modifications and termination are very difficult, although such trusts often carry some tax benefits). Trusts also help you avoid or minimize the expenses, delays and publicity of probate. Groen, Kluka & Company, P.C. works with many area estate planning attorneys and we would be happy to set up a meeting with such an attorney at your request. As your CPA firm, part of our responsibility is to help you manage your finances and get the most benefit out of potential tax breaks. For more information or to set an appointment with an estate planning attorney, call us at 248-362-5000.