Why Estate Planning Is the Best Use of Your Tax Refund
Entrusted Legacy Law
For more information about the author, click to view their website: www.entrustedlegacy.law
Sep 12, 2024
Pennsylvania - Greater Pittsburgh Area
When that extra bit of money from your tax refund lands in
your bank account, (kinda feels like Christmas, doesn’t it?) it's easy to
start dreaming about all the ways you can use it. Financial experts may tell
you that it's a chance to pay off debts, tuck away savings for an emergency, or
add to your retirement savings. You, on the other hand, may want to splurge on
something special. However, there's an often-overlooked option that not only
provides immediate satisfaction but ensures long-term benefits for both you and
your loved ones: estate planning.
Estate planning might sound like a complex and daunting
chore reserved for the wealthy, but it's actually a straightforward and crucial
process for everyone. In its most basic terms, estate planning involves making
a plan for what happens to your belongings and finances after you're gone, or
if you become incapacitated. Think of it as creating a roadmap for your loved
ones to follow, ensuring they're taken care of and know exactly how to handle
your estate according to your wishes. After all, someone will have to do
something with your stuff after you’re gone, and if you’re the one
who takes care of it while you can, you can save your loved ones a lot of pain.
And, make sure you are cared for in the way you want, by the people you want,
if you become incapacitated.
And by the way, proper estate planning covers much more than
just money and personal belongings, but we’ll delve into that in just a bit.
Why You Need an Estate Plan
Not only do you need a plan for what happens with your
finances and personal items after you’re gone or become incapacitated, but you
also need an estate plan if any of the following are true:
You care about the people in your life who will handle
things for you, if you cannot. First and foremost, estate planning isn’t
something you just do for yourself, it’s truly an investment you make for the
people you love. If it feels daunting to you, imagine how they will feel left
with a big confusing mess when something happens to you. And, it’s one of those
things that you must get handled before you need it because by the time you
need it, it’s too late, and you’ve just left the people you love the most with
a big mess.
That’s why we say that estate planning is about protecting
your family. It's about protecting their time, energy and attention, and
leaving them with a gift of love. It’s a way of saying "I love you"
that goes beyond words, providing them with security and guidance during a
difficult time. By making your wishes clear, you can keep them out of court,
prevent potential conflicts and ensure your loved ones are supported exactly as
you intend.
You want your wishes to be honored. With an estate
plan, you have the power to dictate exactly how you want to be cared for if you
are incapacitated, or who makes decisions for you if you cannot. If you would
not want to linger in a hospital bed for years like Terry Schiavo did before
her death, you must create a plan. Otherwise, the people you love could get
stuck in a court process fighting over your care.
You also get to say who inherits your assets, from your home
and savings to sentimental items. Planning ensures there isn’t any confusion
and guarantees that your possessions end up in the right hands. Planning also
makes it clear who should handle things after you are gone, and it makes it as
easy as possible for the people you choose.
You want to save money and time (for yourself and your
family). Dealing with the court if you become incapacitated or when you die
is time-consuming, can be expensive and is totally public. Without a clear plan
in place, you or your family may face costly legal battles and time-consuming
administrative hurdles. Your careful planning now can save them from this
stress and financial strain, making the process as smooth as possible. In
addition, careful planning ensures that you save yourself money by avoiding
unnecessary costs if you are unable to care for yourself.
You have minor children. If you have minor children,
consider who is home with them when you aren’t. Would that person know what to
do if you didn’t make it home? Or would the authorities show up at your house
and have to take your children into the care of protective custody/strangers
while they figured it out? If the idea of this terrifies you like it
does most parents, you need an estate plan.
Most parents of minor kids are overwhelmed with the demands
of everyday life and don’t stop to think that estate planning applies to them.
A common misconception is that planning is only for older folks who know their
mortality is staring them in the face, and young parents think that’s too far
off to warrant any consideration. That’s a mistake. Death happens to everyone
and incapacity can happen before it, no matter how old you are right now. Don’t
leave your kids at risk.
So now you know you need an estate plan but aren’t sure what
to do next. If you feel like the process seems daunting, don’t worry. Taking
that first step is easier than you might think.
Put Your Tax Refund To Work
You might consider using your tax refund to do your estate
plan on your own or opt for a cheap online service. While these options can
seem cost-effective at first glance, they don’t offer the comprehensive
coverage and personalized advice that your unique situation requires.
Instead, investing your refund in working with a heart
centered, holistic attorney with a process in place for ensuring that your plan
works throughout your lifetime is a much wiser choice. We will get to know you,
your family dynamics, and your assets, and then help you choose the right plan
for you both now, and into the future. Creating a will or a trust isn’t a one
and done thing you do, and then put it on a shelf or in a drawer and never look
at it again. When you do that, your plan is almost guaranteed to fail when the
people you love need it. In that case, it’s almost better to do nothing because
then at least you have it on your to-do list. False security is one of the
greatest risks of estate planning.
We will help you navigate the law, and also help you tailor
your estate plan to fit your specific needs, as well as provide peace of mind
knowing that your estate plan is thorough and legally sound. Remember, when it
comes to safeguarding your family's future and ensuring your wishes are
accurately reflected, the value of expert guidance is well worth the
investment.
At the very least, your attorney should help you create the
relevant documents, including:
Creating a Will: A will is a document in which
you detail the distribution of your assets and designate guardians for any
minor children. It serves as your voice, ensuring your assets are allocated as
you desire.
Setting Up a Trust: For greater control over the
distribution of your assets, a trust is invaluable. It not only allows for
precise management of how and when your assets are distributed but can also
offer tax advantages and circumvent the lengthy and public probate process. In
addition, and maybe more importantly, a trust will help your loved ones avoid a
lengthy, expensive, and totally public court process, which can cost your
family significant amounts of time, energy and attention.
Selecting Guardians and Executors: A key component of
estate planning is choosing individuals who will execute your wishes and look
after your children if you are unable to do so. These crucial choices help
safeguard your family's future. And if you want to go beyond merely choosing
people to raise your kids, you need a thorough Kids Protection Plan, which
takes into account anything that could happen (i.e., you’re in a car
accident and they’re with a babysitter at home). A Kids Protection Plan also
ensures your kids are raised by the people you want in the way you want, that
someone you’d never want to raise your kids is able to, and that the right
people are able to get emergency care for them if you’re traveling without
them.
Managing Taxes and Expenses: Effective estate
planning can significantly lessen the tax load on your beneficiaries, allowing
a larger portion of your assets to benefit them directly instead of going
towards tax settlements.
These are all undoubtedly important, and what most estate planning attorneys will do for you. However, a Estate Planning Lawyer will go a few steps further, ensuring that investing your tax refund in an estate plan is the very best investment you’ll make all year. In fact, every Estate Planning Lawyer promises to deliver a plan to clients that works throughout your lifetime. They do this by:
- Empowering
you to choose the right plan that fits your unique family situation,
values, and budget (most lawyers will tell you what you need);
- Ensuring
your assets are inventoried and don’t end up lost (most lawyers won’t tell
you that this happens - a lot - to the tune of billions of dollars every
year);
- Creating
a Kids Protection Plan, a comprehensive plan outside of your will for what
happens to your kids if something happened to you (most lawyers don’t even
think to do this);
- Being
a trusted advisor for your family, so they have someone to turn to for
help when something happens to you (most lawyers don’t ever make contact
with your family after you’ve completed your estate plan);
- Capturing
your memories, stories, values and family traditions so they are passed
down to the next generations (most lawyers don’t think to do this either);
and
- A
system for updating your plan at least every three years to make sure your
plan stays up to date so as your life changes and the law changes, your
plan works when you need it to (most lawyers treat their clients as a “one
and done” transaction, never checking in again and letting your plan go
stale).
What If I Didn’t Get a Refund This Year?
Now you may be thinking, bummer, I didn’t get a refund this
year. Know these two things: 1) Estate planning is always a wise investment
whether you get a refund or not; and 2) A Estate Planning Lawyer, using a
unique process called Life & Legacy Planning, can help you organize your
finances so you are more likely to get a refund next year, or at least not have
a big unexpected tax bill, if that’s what happened this year.. A Estate
Planning Lawyer will also help you get more financially organized than you’ve
ever been before, so that you make the very best decisions about the allocation
of your resources for yourself and the people you love.
Estate Planning: The Ultimate Expression of Love
Among all the ways to use your tax refund, estate planning
with a Estate Planning Lawyer ensures that your love and care for your family
endure long after you're gone. It's an act of foresight that not only secures
your family's financial future but also leaves a legacy.
Contact Entrusted Legacy Law at 412-347-1731 or click here to schedule a complimentary 15-Minute call.
This article is a service of Entrusted Legacy Law. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge. Please note this is educational content only and is not intended to act as legal advice.
- To view the original version of this article visit www.entrustedlegacy.law/post/why-estate-planning-is-the-best-use-of-your-tax-refund
- Seniors Blue Book was not involved in the creation of this content.
Other Articles You May Like
Do Therapy Dogs Help Alzheimers Dementia Patients?
Visit any critical care unit, childrens hospital, or other specialty inpatient facility, and youll find a common feature: therapy dogs. For decades, healthcare practitioners have understood the surprisingly positive effects on patients of time spend with cute and cuddly dogs. Therapy dogs reduce stress, improve mood, and can help patients reframe their outlook on whatever condition ails them. The positive effects of patient interactions with therapy dogs are a well-documented fact of the medical world. Senior citizens with limited mobility and other health conditions also benefit from the companionship of dogs. Owning a pet reduces feelings of loneliness among seniors living at home or in a retirement facility, which in turn greatly reduces the risk of diseases associated with loneliness and isolation. Pets can also decrease the number of stress hormones in a persons blood, lower blood pressure, and contribute to a more positive outlook on life. Dogs and other pets, it seems, have tremendous healing powers!Since Alzheimers patients cannot adequately care for a pet, owning one is out of the question. Considering the nature of Alzheimers dementia, it is easy to assume that a loved one may not benefit from a pet since they will not remember the interaction. Researchers, convinced therapy dogs would have a positive effect on Alzheimers patients, put this question to the test: Do Therapy Dogs Help Alzheimers Dementia Patients?Short-Term Benefits of Therapy Dogs for Patients with Alzheimers Dementia.A study conducted in the early 2000s looked carefully at the subject of therapy dogs and Alzheimers dementia patients. They measured the incidence of behavioral disturbances among patients in a nursing home for a period of four weeks, then introduced therapy dogs. Their initial findings showed that the dogs helped to reduce behavioral disturbances in the short term, meaning they helped to immediately calm patients. The short-term effects proved that therapy dogs do have a positive effect on patients with Alzheimers disease, particularly in regards to anxiety, anger, and changes in behavior associated with the disease.Long-Term Benefits of Therapy Dogs for Patients with Alzheimers Dementia.The same study did not stop at the short-term effects of therapy dogs on Alzheimers patients. Previous assumptions suggested that since patients would not remember their encounters with the therapy dogs, the effects of spending time with them would vanish from one day to the next. Not true, the study authors found. Although most of the patients did not remember their interactions with the therapy dogs (some did), the behavioral disturbances noted in the four weeks prior to the study reduced. In fact, the longer and more frequently patients interacted with the therapy dogs, the less they exhibited behavioral disturbances.Therapy Dogs As A Long-Term Therapy.The study findings confirmed what clinicians suspected all along: dogs are an excellent long-term therapy for persons with Alzheimers dementia to reduce the incidence of behavioral disturbances. Therapy dogs also had the same effect on Alzheimers patients as they do on other kinds of patients, including reduced stress and anxiety, lower blood pressure, better appetite, and fewer feelings of loneliness. These effects continued to increase the longer and more frequently patients interacted with the dogs.What Makes Dogs Such Good Therapy?Dogs are wired to give unconditional love and devotion. They can provide physical and social contact where it is missing, and they are not picky. what sets dogs apart, particularly those trained as therapy dogs, is that they will approach anyone regardless of their physical or mental deterioration, and initiate contact. Patients can pet, hug, and cuddle dogs unlike any other kind of pet. These positive interactions provide a distraction to the other goings-on around them and provide relief for those suffering from sadness, anger, or angst.The Takeaway.Dogs have a tremendous healing power. While studies have focused specifically on Alzheimers dementia patients, their positive effects will benefit anyone suffering from general dementia. Families of patients will feel relief that their loved ones have fewer outbursts of anger, sadness, or angst. While dementia impairs memory, it does not interrupt the long-term benefits of regularly interacting with a therapy dog. In fact, the more they interact with a therapy dog, the fewer behavioral problems they exhibit.
Journey Through Loss and Grief
Loss and grief are inevitable parts of life, but for our beloved seniors, navigating through these emotions can be particularly challenging. As they journey through their golden years, they often face the loss of spouses, friends, siblings, and sometimes even their own health. In such times, compassionate support becomes of utmost importance. Here, we discuss how we can extend a caring hand to our seniors as they cope with loss and grief.First and foremost, it's crucial to understand that everyone experiences grief differently. Some may openly express their emotions, while others may prefer to grieve in solitude. As caregivers and loved ones, our role is not to impose how they should grieve but rather to create a safe space where they feel heard and supported.One of the most powerful ways to support seniors in their time of grief is through active listening. Sit with them, hold their hand, and let them share their memories, stories, and feelings. Even if they repeat themselves or express anger or sadness, offer them your undivided attention without judgment. Sometimes, all they need is someone to validate their emotions and reassure them that it's okay to feel the way they do.Encourage them to reminisce about the good times they shared with their loved ones. Sharing fond memories can be therapeutic and help seniors find solace amidst their grief. Look through old photo albums together, watch home videos, or simply engage in heartfelt conversations about the moments that brought them joy.It is important to respect boundaries and not force them to engage in activities they're not ready for. Grieving is a deeply personal journey, and pushing them too hard may only exacerbate their pain. Instead, let them take the lead and offer gentle encouragement along the way.Practical assistance can also alleviate some of the burdens they may be facing. Offer to help with daily tasks such as grocery shopping, meal preparation, or household chores. By easing their responsibilities, you may allow them the time and space to focus on their emotional well-being.In addition to providing emotional and practical support, connecting seniors with resources and support groups can be immensely beneficial. Many communities offer grief counseling services specifically tailored to seniors, providing them with a safe environment to share their experiences with others who understand what they're going through.Encourage them to participate in activities that bring them comfort and joy, whether it's joining a book club, attending religious services, or taking up a new hobby. Engaging in meaningful activities can provide seniors with a sense of purpose and fulfillment, helping them navigate through their grief more effectively.Above all, be patient and empathetic. Grieving is a process that takes time, and there is no set timeline for healing. Reassure them that you're there for them every step of the way, and remind them that it's okay to seek professional help if they're struggling to cope. Helping seniors deal with loss and grief requires patience, empathy, and a willingness to listen. By providing unwavering support and understanding we can help ease their burden as they navigate through life's inevitable challenges with grace and resilience.
Four Signs it May be Time to Consider Assisted Living for Your Senior Loved One
It's a difficult decision to make, but sometimes it becomes clear that our older loved ones need more care than we can provide at home. If you're struggling with the decision of whether or not to place your parent or spouse in an assisted living facility, this blog post is for you. Here are some signs that it might be time to start considering assisted living.1. Are simple activities becoming difficult?Assisted living facilities are designed to help seniors with activities of daily living such as bathing, dressing, and grooming. If your loved one is struggling with any of these activities, it might be time to consider assisted living.2. Does your loved one have difficulty with living independently?Another sign that assisted living might be the best option is if your elderly loved one is having difficulty paying bills, getting around to run simple errands, or attending appointments. If getting from point A to point B has become a challenge, assisted living can help. Most facilities offer transportation services for their residents and have services on-site for a variety of needs. 3. Has there been a decline in your loved ones hygiene or appearance?Has your loved one started to neglect their personal hygiene? Are they no longer keeping up with their usual grooming routine? This could be a sign that they need assistance with activities like bathing and dressing.4. Are you noticing changes in mood or behavior?Sometimes changes in mood or behavior can be a sign of declining health. Has your usually cheerful loved one become withdrawn or depressed? Do they have sudden outbursts of anger? These changes could be indicative of a larger health issue that might be best addressed in an assisted living facility.Making the Decision TogetherOnce you have decided that assisted living is the best option, its important to involve your loved one in the decision-making process as much as possible. Let your Senior Care Authority advisor assess their care needs, explain the options, and schedule tours of places that best fit the needs of your family. Include your loved ones in the process as much as possible so they feel that they are part of the decision to choose the next place they will call home. If possible, try not to wait too long as adaptive skills can decrease with the progression of age or cognitive decline.Finding the best senior living setting for your loved one can be an overwhelming task, but you dont have to go through it alone. The experts at Senior Care Authority are here to help! We offer a variety of services designed to help seniors live their best life possible. Contact us today to learn more about how we can help you and your family.
Local Services By This Author
Entrusted Legacy Law
Elder Law 100 Pinewood Lane Suite #303, Warrendale, Pennsylvania, 15086Our Firm Prepares You for Life What makes our firm different is that we were built with the needs of growing families in mind. We understand you are BUSY, you are growing, you are planning for a life of prosperity and you value ease, convenience and efficiency. You are raising children, and caring for elderly parents, while also working hard to build your own nest egg for a lifetime of support. You want to know youve made the best decisions for your family and that your plan will work when your loved ones need it most. You want to make sure your minor children would be raised by the people you choose, and never by anyone you wouldnt want, and that your teens and adult children are properly prepared to care for you and what you leave behind. You want to feel confident that youve made the right choices, and handled everything so that you arent leaving behind a mess, when something happens. That is our focus as well. Weve developed unique systems to give you the same access to a Personal Family Lawyer as was previously only available to the super-wealthy, so you can have the guidance you need to build and maintain a life of prosperity and wealth. And, to keep your family out of court and out of conflict, which is the greatest risk to the people you love and all you have created, even if youve already worked with a traditional lawyer or created documents online. Our Team Is Here for You We encourage communication with our clients. In fact, weve thrown out the time clocks so you never have to be afraid to call with a quick question. Everything we do is billed on a flat-fee basis, agreed to in advance, so there are never any surprises. We have a whole team to serve you. When you call our office to ask your quick question, you wont have to wait hours or days for a phone call back. Youll get your question answered, right away. And, if you need to schedule a more in-depth legal or strategic call with your Personal Family Lawyer, a call will be scheduled when you're both available and ready for the call so we can make the very best use of your time and not waste your time by leaving voicemail after voicemail back and forth. And, we ensure the most important details of your planning are followed through on and your plan continues to work throughout your lifetime. We have a funding coordinator to ensure your assets are owned the right way throughout your lifetime and none of your assets will end up going through a long, expensive court process or being lost to the state because they were missed after your death. Weve created unique membership programs to keep your plan up to date year in and year out as well as give you access to our Trusted Team of Legal Experts for guidance on ANY legal or financial matter. One day you will need a lawyer. I dont know why and I dont know when, but when you do, you will be grateful you can call on us and well be here to advise you or get you out of a jam. We Help You Transfer Your Life and Legacy Lastly, we believe your financial wealth is only a small part of your overall Life and Legacy Planning which is made up of your far more valuable and most often lost upon incapacity or death intellectual, spiritual and human assets. These assets are what make you who you are, and sum up whats most important to you. And, a survey of inheritors has revealed that what they care about even more than inheriting your money, is inheriting these intangible assets. Most estate plans only focus on the transfer of your financial wealth to the next generation. Most people have such great intentions of passing on the intangible, but very few ever get around to it. Its just not a priority, until its too late. How much do you know about your grandparents values? Their most prized personal possessions? How they felt about you? What they had learned during their lifetime? If you are like most people, you know very little. Thats why we build the capture and passage of these most valuable assets into every estate plan we create. Not only will we help you pass on your money, but also your values, your insights, your stories and your experience the truly valuable assets your loved ones care about the most. Weve developed a tool that allows us to capture and pass on your whole family wealth, including your Intellectual, Spiritual and Human assets. I cant go into all of the details here, but well definitely talk about it when you come in for your Life and Legacy Planning Session.