Many people assume that estate planning is only the process of planning how your affairs will be handled after death. While this is one way that you can utilize estate planning, there are many other needs that can be met as well. It’s important to realize that an estate plan can also assist you in achieving your goals throughout your lifetime. Take a look at the following information to learn more about lifetime estate planning benefits. If you have any questions, or if you’d like to discuss your estate planning needs, contact an estate planning attorney.
Estate Planning’s Lifetime Benefits
Did you know that estate planning can help you with many needs during your lifetime? This can allow you to have a full plan in place for both during your life (and after your death.) Take a look at some of the ways in which estate planning can be helpful:
- An estate plan makes it possible for you to protect your assets during your lifetime. This can keep your assets away from creditors and other threats. While some ultra wealthy people use offshore planning, others use insurances and business entities to protect their assets during their lifetime.
- You can use estate planning to have an incapacity plan in place. This will allow your needs to always be met, even if you become incapacitated.
- You can use your planning to have control over your assets during your lifetime. One way to do this is by creating a revocable living trust.
- You can use planning techniques to gift to your loved ones during your lifetime. This can be a great way to see your friends and family members benefit from your gifts. It can also help you save on taxes.
- With an estate plan, you’re able to plan for future costs. This includes long term care, college, and retirement expenses.
If you have any questions about the estate planning process and how you can benefit during your lifetime, consult with a qualified estate planning attorney.