Mestayer & Associates

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ESTATE PLANNING TIPS FOR MILLENIALS

Tax Planning Tips for Businesses in 4th Quarter

ESTATE PLANNING TIPS FOR MILLENIALS

Do you think estate planning is for old people? It’s for the ones who have a lot of money. It’s helpful when you have lots of kids to fight over your stuff. I don’t have anything worth worrying about. I don’t have time to worry about it and I don’t plan to die soon.

As you can see, there are a lot of reasons NOT to take care of business. Most important, it isn’t a comfortable topic. It isn’t something you want to think about, nor is it an easy conversation to open with loved ones. Some people will even go out of their way to avoid the topic.

Changing the mindset to include estate planning as a part of your everyday “life plan” may help take care of the uneasiness that come when you start to consider it.

Take an inventory of your assets. You may not think you have built up a lot at this early point in your life, but you may be surprised. If you don’t implement a plan, you leave these things at the discretion of the courts. Probate can be time consuming and costly, so show your love to those around you, and take care of the distribution according to your wishes.

If you have children, not only do you want to provide for them, but you also want to be sure they will be cared for by the guardians that you select. The court can’t know your wishes, and they don’t have the understanding that you do of their needs. Be sure that you have life insurance to help cover education and other expenses.

Establishing a trust will protect your assets, and allow them to be used by your family without dissolving them into nothingness. You may want to shelter them until your heirs reach a certain age, or you may opt for a permanent trust lasting generations.

Another consideration is your own end of life care. Having a will is only part of this process. Don’t leave your loved ones to guess what you would want in situations where your care is involved. Living wills, medical directives, health care proxies, powers of attorney, and prearranged funerals combine to ensure that your wishes are carried out if you aren’t able to speak for yourself. Having these discussions in person with your proxy will also allay any discomfort they may have down the road when carrying out your wishes.

Consult an attorney. Once you have all the details ironed out, you will want to be sure that the paperwork is ironclad. Your attorney can take care of the details. If something changes later, it isn’t a difficult process to adjust the directives at that time. Life is fluid. Things are going to change.

By taking the initiative now, you can rest easy for many years, knowing that if something should happen, you have a plan in place. You have protected yourself, your loved ones, and your property in every manner possible.

Plan as if you have forever; live as if you only have today.

Mestayer & Associates offers legal services for Wills, Trusts, Estates, Taxes, Social Security, Family Law, and Personal Injury. If you need a dedicated legal firm then you can trust Elliot Mestayer and his team to work for you. Give him a call 228-762-1193 or visit his website at Pascagoulalaw.com. Make sure to follow him on Facebook www.facebook.com/mestayerandassoc for up to date information.

No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.

This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors, or mistakes. To talk to an attorney with Mestayer and Associates, call us at 228-762-1193 or contact us on our website at www.pascagoulalaw.com. You can also visit our office located at 2128 Ingalls Ave. in Pascagoula, Mississippi. We look forward to talking with you!
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