There are matters that are pigeonholed as being relevant only to “the elderly,” and perhaps we should reassess these evaluations because we live in a PC society where sweeping statements are inappropriate and usually inaccurate. Estate planning is very interesting in this regard because it could seem as though it is indeed the realm of those who are of an advanced age. However, the reality is that people of all ages die each and every day. There are no guarantees, and if you’re going through life without an estate plan in place, you’re rolling the dice and the potential losers are the people that you love the most.
When you look at the matter logically, objectively and pragmatically, an estate plan becomes an absolute necessity as soon as you reach the point in your life when other people are depending on you. If you’re married, it is very likely that the quality of life that you and your spouse enjoy requires financial contributions from both of you. Should one of you pass away suddenly, that income void would be sorely felt, and in addition to the devastating loss of a loved one, you may well lose your home and other possessions. If you have children this scenario is even more profound.
This is why it is so important to take the time to consult with an estate planning attorney as soon as you become a responsible, self-supporting adult. In addition to guiding you through the process of identifying your insurance needs, drawing up the appropriate vehicles of transfer, and assisting in the creation of advance health care directives, your lawyer can also provide you with a road map toward a comfortable retirement.
The point is that estate planning is relevant to people of all ages, and when you put it off you are putting the well-being of your family at risk.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.