It’s a common misconception that estate planning is only for the elderly. Estate planning is important for people of all ages because it addresses financial, business, personal, and health care decisions that have cross-generational implications for quality of life.
Estate planning is just as important for younger adults as it is for older individuals. In fact, young families should take special care that unexpected misfortunes do not threaten the security of minor children. With a properly prepared estate plan, you can rest easy knowing that your children are protected no matter what the future may hold.
At Quraishi Law Firm & Wealth Management, we have a team of estate planning professionals in both Arkansas and Tennessee who specialize in creating a holistic financial plan that can take care of your family during your lifetime and after your death.
3 Essential Benefits of Estate Planning
A comprehensive estate plan personalized to fit your unique needs offers three vital benefits:
- Saves money while reducing stress for your heirs. A well-drafted estate plan saves taxes, court, and attorney costs. More importantly, mourning loved ones will not be burdened by unnecessary “red tape” and financial confusion. This is exactly why we handle all the legal matters carefully and efficiently, as we don’t want to make any oversight that could result in an expensive probate process in the future. As much as we can, we anticipate possible future legal issues and try to address them through the estate plan we’ll create for you.
- Ensures all beneficiaries receive their full inheritance. Without careful estate planning, your beneficiaries may not receive their intended inheritance. This is especially true for individuals who are not part of a “typical” nuclear family. Increasingly, children are being raised by single parents, lesbian and gay parents, or grandparents. Our wealth planning addresses these real-life issues, and includes divorce protection for children, remarriage protection after the death of a spouse, a proactive approach to creditor concerns, and ways to pass on the family values that have been overlooked in traditional estate planning.
- Protects your assets from being drained to pay for long-term nursing home care. Even if you’re healthy today, there’s no way to tell what the future will hold. Estate planning can protect your hard-earned assets in the event that you require long-term care in a nursing home or assisted living facility. One means of preparing for potential long-term care costs is the purchase of long-term care insurance. Such insurance can offer tax advantages, security, and the ability to remain home longer.
Elements of an Effective Estate Plan
At the minimum, any estate plan must include:
- A Last Will and Testament
- Provisions for guardianship of minor children
- Plans for any beneficiaries with special needs
- Beneficiary designations for insurance and investments
- Durable powers of attorney
- Health care directives
Moving Beyond the Basics to Create a Revocable Living Trust
Once you have the essentials covered, we often recommend creating a revocable living trust. Sometimes simply called a living trust, this is a type of legal entity that holds your property for your benefit during your lifetime. As the grantor or trustmaker, you control and manage the assets they've placed there. After your death, the person you’ve named as the successor trustee takes over to pay final expenses, debts, and taxes before distributing any remaining assets to the trust's beneficiaries as specified by the trust's formation documents. When your revocable living trust has been created correctly, this helps your family avoid probate and minimize or eliminate estate taxes.
Making Regular Updates Is Essential
Once you’ve prepared the key documents, don’t assume your work is done. An estate plan is a work in progress and should evolve with each key family event—including marriage, births, deaths, home purchases, or significant changes to your household income. A regular review should also be conducted to make sure your plan remains in full compliance with all relevant state and federal laws. At Quraishi Law Firm & Wealth Management, our unique VIP Client Care Program includes free annual reviews and asset updates to ensure that as your life changes, your estate planning strategy continues to provide the necessary support.
Request an Initial Planning Session Today
With our expertise in estate planning, Quraishi Law Firm & Wealth Management can help you prepare better for the future. Whether it’s for your long-term health care or inheritance to your children, we can guide you in creating an estate plan ideal for your unique requirements.
Our attorneys are available at our Jonesboro and Little Rock office locations to serve clients throughout Northeast and Central Arkansas. We are also available to meet with clients in our Memphis, Tennessee office, so don’t hesitate to contact us to set an appointment for an Initial Planning Session to discuss your estate, wealth and tax planning needs.