“Discussing an estate plan is something that too many families put off until it is too late.”
Until, say, dad or mom is 110 years old.
That above comment leading off today’s blog post comes via the estate planning page of our website at the Arkansas law firm of Robertson, Oswalt, Nony & Associates. From offices in Little Rock and multiple additional locales across the state, we deliver tailored, client-empathetic and well-considered representation to clients seeking to implement sound strategies that optimally promote long-term financial and related family goals.
One thing we centrally advise our clients to consider is a timely evaluation of their estates and the employment of strategies that will best enable them to fulfill their planning objectives across the full range of things that are important to them.
The creation of an up-to-date will is part and parcel of that aim for every client, as is often the execution of estate planning documents and instruments that optimally transfer wealth, identify heirs and account for special needs that might exist with some relatives. Lawful tax avoidance is also of utmost importance to many families, as is gifting, making charitable contributions, addressing health care concerns and elder law matters, avoiding probate and implementing action plans to further family legacies.
The “putting it off until it’s maybe too late” reference above is relevant to a recent Forbes article discussing the growing number of centenarians in the United States. As noted in that article, singular — and sometimes downside — implications can arise for families when parents or other older relatives fail to establish sound estate plans, even as they live to ages that were once unthinkable.
The potential nowadays for many people to live truly long lives, states Forbes, has bred great complexities as regards estate planning, especially concerning questions surrounding “how and when to transfer assets to subsequent generations.”
Such a concern, although potentially heightened when wealth creators and would-be planners are truly advanced in years, is always present concerning estate administration. A proven estate planning attorney can help families address it and other relevant issues, helping them to ensure that key financial and other objectives are met and peace of mind realized.