When most people think about estate planning, they think about rich people or people who have a lot more money than they do. However, the only qualification for estate planning is that you own at least one asset. Estate planning is broken down into various categories. One is a will; one is a power of attorney for finance, another is power of attorney for health care, there is a Health Care Directive or Living Will, and community property division.
Small Business Accounting & Tax Inc. offers affordable Omaha estate planning services. When you contact us for a consultation, we’ll talk about your goals, needs, and desires and create an estate plan that carries out those objectives. We’ll try to take a look at your entire estate and your unique circumstances. For example, if you have medical issues, and you may or may not go onto Medicaid, there is a five-year look-back rule, so anything that you try to divest within that five-year period counts as income. The state mandates that you burn down that amount before you are going to get any assistance.
What Goes in a Will?
In the will, we like to consider whether or not there are children, and if there are children, who the parents wish to be the guardian. It’s all spelled out clearly to give a voice to the individual when they are no longer here. That’s the key piece of a will. It tells everyone else how you wish your possessions will be passed on and disbursed to the individuals whom they wish to have them.
What if Your Don’t Have an Estate?
Again, a lot of people hear the term “estate plan,” and they think, “I don’t need that” or “I don’t have an estate.” Whether you realize it or not, everyone has an estate! Your estate is whatever you own when you pass away. Everybody needs an estate plan of some sort because everybody needs something. To the extent that you actually care who gets what you own when you die, it is always a good idea to put it in writing. Sadly, many people in Omaha neglect the estate planning process, and that forces their loved ones into the probate court when they pass away.
When you create an estate plan in Omaha with the help of Small Business Accounting & Tax Inc., we will help you decide who is going to receive your assets when you pass away, how they are going to be split up, who is going to take custody of your children, and who is going to make what medical decisions for you should you become incapacitated.
The Purpose of Omaha Estate Planning
The main idea of estate planning is that you leave the kind of legacy and impact that you want to leave when you pass away, rather than leaving your loved ones in a stressful situation. You don’t want to create a situation where your loved ones are fighting and arguing over who is in charge of what and who gets what. Estate planning makes life a lot easier when your time comes, which it will! For the Omaha estate planning, contact Small Business Accounting & Tax Inc. today.