Lincoln Park Associates creates personalized
estate planning solutions.
Why is Estate Planning Important?
Estate planning isn’t just for the wealthy or elderly. It’s about making sure if something happens to you, your family will be protected. Without an estate plan, your family could face significant tax burdens and the courts could designate how your assets are distributed, or even who will be guardian of your children.
Ensures Your Assets End Up with Beneficiaries You Specify
A major component of estate planning is designating loved ones with specific assets. Without an estate plan, the courts will decide who gets your assets and could take years.
Offers Protection for Minor Children
If you are a parent of young children, a will ensures your children are taken care of in the way in which you choose. You will be able to name their guardian(s) in the event both parents die before the children turn 18. Without a will, the courts can step in and determine who will raise your children.
Secures Your Right for Medical and Legal/Financial Directives
Advance directives, or living wills, protect the actions you want taken with regard to your health or financial/legal decisions if you are no longer able to make those decisions due to any form of incapacity. Advanced directives provide tools for your loved ones if you get in an accident or suffer from an illness that leaves you unable to manage your affairs or medical decisions.
Prevents Unnecessary Taxes for Beneficiaries
Protecting your loved ones is one of the main benefits of estate planning. The plan will transfer your assets to your beneficiaries with a focus on creating the smallest tax burden possible. With even the simplest of estate plans, families can reduce much and sometimes all federal and state estate taxes or state inheritance taxes.