HOUSTON, March 15, 2019 /PRNewswire-PRWeb/ -- No one likes
to think about their death. "However, leaving your estate
unattended can be disastrous regardless of its size," said business
and estate planning attorney Keith D.
Peterson, CPA, J.D. "You most likely have an idea of where
you want your assets to go, but if you don't properly plan for your
estate's distribution, your intended beneficiaries may not get what
you wanted them to receive, and may even be subject to unnecessary
taxes, extra administration costs, and contests from squabbling
siblings."
Baby Boomers, born between 1946 and 1964, are among the first
generation who face retirement without the safety net of a defined
pension plan. "Baby Boomers procrastinate planning for this
inevitability," Peterson noted. "They think someone else will make
good decisions on their behalf or they say they'll think about it
if and when they get sick. 'There's plenty of time,' they might
say, or 'there won't be any money left when we die.' Estate
planning is not just for the wealthy."
To further educate people on the benefits of estate planning,
Peterson lists the following three tips:
No. 1: Ensure property goes to the intended heir(s) with the
least amount of tax liability possible and probate avoidance.
"Probate can be costly, stressful and time consuming, not to
mention helping attorneys get rich. You should also name whom you
wish to be the guardian of any minor children you may have, which
can be accomplished through a Nomination of Guardianship," added
Peterson.
No. 2: Set up a durable power of attorney and health care
directive. Without a proper durable power of attorney, if one
suffers a tragic event as a result of illness or injury, leaving
them unable to manage their finances, their family will be forced
to establish a conservatorship of the estate through the court in
order to assist them with finances. An Advance Health Care
Directive allows the individual to select whom they want to sign
medical waivers, make medical decisions should he/she be
incapacitated. Without this document a conservatorship of the
person through the court may be necessary. Conservatorships are
difficult in that they must report all steps to the court and, more
often than not, treated by the courts as if the conservator does
not have the best motives.
No. 3: Estate plans should be done with care to prevent the
possibility of one's wishes not being followed. Wills that are not
complete can be contested by other heirs in a court of law, which
could result in one's wishes not being followed. "While you can set
up your own estate plan, it can be a risky proposition," concluded
Peterson. "It is best to seek the advice of an experienced estate
planning and/or elder law attorney to ensure your wishes are
followed. Your attorney can advise you as to whether a will alone
is enough to secure your property or whether it would be best to
set up further protection of your assets."
About the Law Office of Keith D.
Peterson
The Law Office of Keith D. Peterson
practice areas include business formations and contract law; estate
planning, wills, trusts and probate; real estate; construction and
collection law; and taxation law. For more information, please call
(281) 970-7001, or visit http://www.kdplaw.com. The law office is
located at 9601 Jones Road, Suite 240, Houston, TX 77065.
For media inquiries, please call the NALA at 805.650.6121, ext.
361.
SOURCE Keith D. Peterson