Estate planning is not just for the rich.
"I'll get to it eventually."
Have you ever said this regarding your estate and financial plans? Unfortunately, far too many never get around to it.
I guess you could say this sums up estate planning in a nutshell: if you fail to plan ahead and protect your assets for your heirs, the state and federal government will be happy to take a chunk of your estate by way of taxes—taxes on your estate, taxes on the gifts you make to others, and taxes on the income that is generated from those gifts and investments.
This truth was explored in a recent CNBC.com article titled “Where there's a will, there's a way.”
Be smart and contact an experienced estate planning attorney. He or she can help you design a plan with the right types of documents, such as a will, trust, and appropriate powers of attorney.