Almost everyone will tell you that effective estate planning is crucial. At the same time, most people will also tell you that they haven't done enough or haven't even started yet. People often assume they don't need to worry about it until they're older, they feel uncomfortable planning for their own passing, or they just don't realize that it should be done sooner rather than later. Below are five reasons why you must get started today.
In our last post, we began speaking about the importance of nursing home planning. As we noted, failure to take time to do such planning can end with medical care depleting one's estate, forcing beneficiaries to sell property to cover costs, and spoiling one's other estate plans.
Asset protection planning is an important adjunct to estate planning, for the simple fact that you cannot pass on what you don't have. If your assets are wiped out because of a lawsuit or nursing home costs, you may have little left to give to your heirs.