Picture this: it’s Saturday morning, you and your family are on your private jet, flying to a tropical paradise to spend a week island hopping on your yacht. Not your reality? That is more than okay, as it isn’t our reality either. Nor is it the reality of the thousands of Ohio families we have helped. The reality is that over 99% of the families in the U.S. do not retire to the lavish life described above. But just because you fall in that 99% does not mean you do not need an estate plan to protect what you have worked so hard to attain. Estate planning is not just for the super wealthy, it’s also for YOU.
So, what are some of the things you need to be concerned about when it comes to protecting your estate? We believe there are three: probate, taxes, and long-term care.
Probate and taxes affect every family, and both can potentially cause problems as individuals reach retirement years and beyond. Probate costs can be between 5 to 10% of the estate, and at current levels, taxes can be 40% for some assets. But the good news is there are solutions that AlerStallings can implement to help you protect your nest egg. There are tools that can be used to minimize or eliminate the costs of probate upon your passing, and there are strategies that can be utilized to minimize the effect of taxes on your assets and your estate.
However, even if the consequences of probate and taxes are fully addressed, neither pose a threat quite like long-term care costs. The costs of long-term care have increased steadily over the last few decades, as has the probability of an individual or their spouse needing care. Without proper planning, these costs can decimate an estate. In today’s world, long-term care can easily be over $100,000 a year just for one person. Not many families can afford such an expense, and for the vast majority that cannot, AlerStallings is here to help. You do not have to sell your home, sell your land, withdraw your retirement accounts, cash in your investment portfolio and liquidate all other assets to pay for long-term care costs. AlerStallings can work with you and your family to implement solutions that give you alternatives to spending your hard-earned assets to pay for long-term care.
If you have put off estate planning because you were under the belief that you did not have enough assets to effectively plan, or simply just do not know where to start, then come see us. It is never too late to start planning, and an effective plan can ensure your estate is not eaten up by the costs of probate, taxes, and long-term care. We have helped over 3,000 families and would love to extend our support to your family as well.
Brenon Russell, esq.