Planning for the worst is a necessity, especially among American adults. Did you know over 50 percent of adults don’t have a will? In the event of an untimely death, a plethora of issues and problems can arise. Make sure your family can avoid any problems by planning ahead with Clifford, Ross, Raudenbush & Cooper, LLC. We offer financial estate planning services to clients in the El Paso area. Keep reading to learn more about how estate planning can benefit you!
Determine a Guardianship Plan for Minor Children
Look, we get it. Talking about the worst possible scenario is never fun but it’s necessary to have these discussions before tragedy strikes. If you and your spouse are both killed in an accident, who will care for your children? If you have yet to determine a guardianship plan for your children, then their future will be in shambles. Also, make sure to create a plan for how life insurance payouts will be handled. This is particularly pertinent in order to benefit your children’s future. Instead of simply trusting a family member to care for the life insurance payouts, you can have a plan in place.
Wills, Tax Planning, and Financial Power of Attorney
When discussing financial estate planning, it’s necessary to talk about wills and trusts. A will is what’s used to determine how your assets will be distributed. These assets could be a home, car, personal possessions or bank accounts. If you pass away due to unforeseen circumstances, your family will still have to file your income tax return. With tax planning, your loved ones will know where to find your tax information, so they can file without worrying.
And, finally, we reach the financial power of attorney which basically allows someone close to you to manage your finances. You could give this power to your spouse. In the event in which you are incapacitated and can’t make financial decisions, this power of attorney will take the stress and burden away from any financial issues.
Financial Estate Planning in El Paso
When it comes to financial estate planning, it’s understandable to be confused or unsure about which path to take. Well, you don’t have to take that path on your own. With Clifford, Ross, Raudenbush & Cooper, LLC’s help, you’ll be able to plan accordingly for the future. The sooner you get started on your financial estate planning, the better. Give us a call today to learn more about what we can do to help!