Start the New Year by Planning Ahead

The arrival of a new year seems to bring out the reflective side of people.  How did I do last year and what can I do in the next year to do even better?  Often as we look to a new year we are worried about finances as well as the uncertainties that come along with raising children, owning homes and living our lives.

One of the most important steps you can take this new year is to start planning your estate and that includes developing a will or trust and communicating your health care directives to your loved ones.  This will be especially important in 2018 with new tax laws and implications to consider as a result of the recently-enacted tax reform developed under the current administration.

Fortunately, the Law Office of Kyle W. Jones offer full service estate planning and financial planning services through my partnership with the Moneywise Guys wealth management group.

Together, we hope to dispel some of the common myths around estate planning:

  • Estate planning is just for the wealthy
  • I’m too young to start planning my estate
  • I don’t need a lawyer to plan my estate as I can just do it online

If you haven’t done so already, below are some important steps to consider early in 2018 to give you, your family and loved ones a peace of mind for the future (source: Time Magazine):

  • Understand why you need a living trust. A trust is an instrument that allows you to communicate to the world how you want to divide and distribute your assets when you die.  Without a living trust, the state gets to decide for you, regardless of the wishes of your and/or your heirs.  Trusts are also the best way to determine placement of minor children in the event of death.
  • Take inventory and pick your team. Please contact my office as your first step and I will assist you throughout your estate planning journey.  I will help you identify the key people in your life that will assist in your estate (e.g. Who will make medical decisions for you. Someone who will serve as guardians for children. Those who will handle financial affairs for you if you are ever unable to do so, etc.).
  • Draft your living trust so that it reflects your wishes. Use my expertise to ensure your trust is solid and contains the elements you desire.
  • Name an executor of your estate. This can be a friend, relative or professional (such as a lawyer or an accountant), who acts as the Trustee for your trust to ensure its terms are followed.
  • Assign power of attorney. This becomes important should you ever be unable to take care of yourself.  Granting someone power of attorney makes that person your personal representative to help manage finances, make key decisions and watch out for your estate.
  • Create a health directive. Communicating your wishes at the end of life is the only way to ensure that those around you as well as those in the medical profession know your desires.
  • Communicate with your heirs and family. Everyone should understand your wishes and know that you have planned ahead for everyone’s peace of mind.

 

The Law office of Kyle Jones offer top-notch estate planning services and would be honored to help you with this important and necessary part of life.  Please contact today and I will ensure that a team of professionals is ready to help you through this process.

Here’s to a happy and healthy 2018!

 

Statistics found via:

http://money.cnn.com/pf/money-essentials-wills-trusts/index.html

http://time.com/money/collection-post/2791069/10-steps-to-painless-estate-planning/

https://www.forbes.com/sites/financialfinesse/2012/10/03/10-common-estate-planning-myths-that-can-be-detrimental-to-your-family/#b1bc5b424f26

 

 

 

 

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