Estate planning is something that everyone needs to do. For clients in El Paso, Clifford, Ross, Raudenbush & Cooper, LLC can help with estate planning. While everyone needs to put a plan in place, many people are not sure about when to start.
Start Estate Planning When You Are Younger
Although there is a common misconception that estate planning is for older people, this is a mistake. You should begin the process of planning for your future when you are younger. Developing a clear plan for your financial goals and the legacy that you want to leave can help to guide your decisions. You can also ensure you are protected in case something unexpected happens. For example, an estate plan should include the creation of a power of attorney so you name an agent who can act for you in case of incapacity. An estate plan should also dictate who gets guardianship of your kids if something happens to you, and should provide instructions for how assets are to be distributed.
Starting an estate plan early is a good idea because your plan will help protect your finances. When you create an estate plan, you can structure the ownership of assets to reduce or avoid estate taxes and to limit the taxes that must be paid upon the transfer or sale of assets. You can protect assets from creditors and you can make wise choices on what types of assets are best to own.
The sooner you begin estate planning, the better. It shouldn’t be something you leave on the back burner until it’s necessary. Plan ahead and save yourself from future worry and learn more about the benefits of estate planning by getting help from experienced professionals in El Paso. Contact Clifford, Ross, Raudenbush & Cooper, LLC today.