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The Importance of Estate Planning

The Importance of Estate Planning

Estate planning can make an important difference in the future of your family. Although you might not consider estate planning very often, developing a plan for the future is in your best interest. Not only does this process protect your assets, but it also provides a sense of security for your family. In today’s blog, Neale & Newman discuss the importance of estate planning and the benefits of consulting with an estate planning attorney.

What Is Estate Planning?

Estate planning is the process of making proactive decisions about how your property and wealth will be distributed after your death. Most people associate the term estate planning with a will, which names the individuals who will receive specific items or assets. Your estate may include many different assets, such as real estate, investments, bank accounts, retirement packages, insurance policies, vehicles, heirlooms, business interests, and more. The estate planning process is designed to maximize assets and minimize taxation, ensuring your estate is handled properly and according to your wishes.

Distribute Your Wealth Your Way

During the process, an estate planning attorney will assist you in planning the distribution of your wealth, ensuring it is disbursed according to your precise instructions. Without a proper estate planning document, the future of your estate will typically be determined by the local Probate Court in your area. The probate process can be expensive, unpredictable, lengthy, and a matter of public record.

At Neale & Newman, we understand that the financial future of your estate and your loved ones is important to you. That’s why we take the time to walk through all of the details of your estate, helping you determine the best way to proceed.

Develop a Tax-Efficient Plan

When the time comes, you want to leave your loved ones with as much of your estate as possible without losing more than necessary to taxes and fees. Estate planning is meant to develop the most tax-efficient way to distribute your assets, so the value of your estate will remain with your chosen beneficiaries. There are many tax regulations to abide by when transferring an estate; an experienced estate planning attorney will help you protect your assets from unnecessary taxation.

Contact Neale & Newman for Estate Planning Today

Estate planning¬†is an important way to protect the financial future for your loved ones. At Neale & Newman, we pride ourselves on being customer-focused, taking the time to learn about your family, your needs, and your wishes. Find out how Neale & Newman can help you in the estate planning process —¬†contact us today!

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