It’s impossible to predict the future, but there are things a Massachusetts adult can do to make sure his or her long-term interests are secure. One of these things is thoughtful and thorough estate planning. Some assume this is not necessary because they are young or because they are not wealthy, but the reality is that planning for the future is smart for every adult at any stage of life.
One of the main benefits of estate planning is that it protects the interests of loved ones and beneficiaries. When it’s time to settle an estate, the plan will dictate how assets are distributed, and it can reduce the chance of a lengthy and complex legal battle. It provides the opportunity for an adult to have the final say in what happens to personal property and what type of medical care he or she prefers. It is also possible to set aside and protect assets for a specific purpose, such as charitable giving.
Estate planning is not something that’s only important after a person’s death. Gifting assets over the course of a lifetime can reduce tax burdens and immediately benefit the recipient. Of course, the right way to handle assets depends on the individual’s income and specific objectives for his or her estate.
It may help to speak with a Massachusetts estate planning attorney regarding specific concerns and unique objectives. With the right help, it is possible to craft a plan that provides long-term security for an adult and his or her loved ones. Planning for the future or updating existing plans is prudent for everyone and at any stage of life.