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A paramount misconception concerning estate planning

If the above-posed headline was framed as a query, it could be answered by these few words: It’s not for me.

You’ve heard that before, right? In fact, you might have voiced the same refrain. Legions of would-be planners in Colorado and nationally delay or flatly ignore crafting a plan because they think doing so makes better sense for someone else.

Most often, that “someone else” is envisioned as a relatively older individual or couple who has retired or is on the cusp of doing so and has already amassed significant assets. It makes sense to protect that wealth from dissipation, duly pass it along to loved ones and beneficiaries, and take steps to lawfully mitigate tax consequences.

But it also makes sense for other people across an impressively wide demographic to solicit help from a proven legal team aimed at securing the broad-based benefits that a sound planning strategy can provide.

Who can benefit from timely and tailored estate planning?

Candidly, many people from virtually all backgrounds who take advantage of the opportunity to learn about estate planning basics appreciate quickly thereafter that planning is indeed for them. Those individuals include the following people:

  • Young parents focused on guardianship appointment and linked protections for their children
  • Individuals concerned with retaining control of assets during life and ensuring that they are safely passed on to future generations following death
  • Parents who want to secure maximum protections for a loved one with special needs
  • Planners who want peace of mind from knowing that a trusted person can make key financial and health care decisions on their behalf if they become incapacitated
  • Family business owners who want to craft a viable succession plan
  • Couples wanting key details established concerning gifting, charitable contributions and family legacies
  • Planners who want to enhance privacy and skirt the time, expense and potential acrimony linked with probate

That above bulleted list is concededly lengthy. Still, it is only a representative and limited compendium of a much larger universe of planning strategies that can be applied in a given case.

What first steps can a prospective estate planner take?

You’ve already taken a huge initial step regarding estate planning if you’ve simply been thinking about the future and want to know more about the process.

Attorneys from an experienced and knowledgeable law firm can work closely with you to develop a plan that makes optimal sense and fully promotes your best interests and those of your loved ones.