CLA Estate Services Helps Seniors with Estate Planning

Estate planning may seem like an esoteric concept that involves finances and distribution of assets, but there's a far more human aspect to it that people - especially financial services experts - seldom discuss. At CLA Estate Services, the staff sees this human side and deal with it on a daily basis. CLA ES representatives offer informational seminars about estate planning throughout the United States, focusing on seniors who may never have considered themselves as people who need to plan their "estates".

Like many of us, the seniors who attend CLA Estate Services seminars don't think of their homes and insurance policies and pensions and belongings as "estates", but that's how the government views them. Without a well thought out estate plan, the assets you've spent a lifetime building and accumulating will be distributed according to the courts and the laws of the state rather than according to your wishes. An estate plan lays out exactly how you want your assets and belongings to be distributed, allowing you to designate such things as who benefits from your life insurance, who should have control of your business and bank accounts if you're unable to make decisions and where your surviving spouse benefits should be directed.
While those financial aspects of an estate plan are important - and that importance can't be understated - there's another aspect that is often overlooked. When most financial services agents talk to clients about providing peace of mind for families, they're usually talking about the peace of mind that comes with knowing you've provided financially for your loved ones in the event of your death or incapacitation. CLA financial services representatives see a different aspect. An estate plan resolves confusion and provides vital information for those you leave behind. In doing so, it helps ensure that your family receives all of the benefits and assets you intend for them to have and prevents the often acrid and bitter controversies that can arise among family members during a time of grief.

In addition to the typical financial arrangements and asset financial planning provided in most estate plans, a comprehensive estate plan also serves as a key to your assets and your wishes. Far too often, people purchase insurance or store assets in safe deposit boxes, but fail to leave any instructions that explain where their families can find their important papers, or even, for that matter, how many insurance policies, retirement accounts and other assets they may own. They may have remarried and forgotten to change the beneficiary on an old pension plan or neglected to make a note of important account numbers and contact information regarding their assets.

One of the first steps in creating an estate plan, note CLA estate services experts, is to assemble and document all of your assets, and create a master list of important information your family will need if you should die or become incapacitated. Even that simple act can ease the problems and confusion your family will face during those difficult times. Seniors can learn more about asset financial planning and seniors estate planning by attending an estate planning informational seminar offered free by CLA Estate Services in their own city.

Importance of Estate Planning with CLA Estate Services

Over the years, you've worked hard to build a level of security for yourself and your loved ones. It only makes sense to take a few simple steps to protect that security if something should happen to you. CLA Estate Services, who works with seniors to help them protect their assets and plan for the future, explains that a primary goal of estate planning is to protect, preserve and manage your estate - your assets, property and income - if you die or become disabled. While financial experts advise people to begin their estate planning early, the seniors who have availed themselves to CLA Estate Services have often put off thinking about planning until they reach retirement age. In addition, many of them believe that estate planning is just for the wealthy and that their modest assets don't require any sort of estate planning services.

In truth, estate planning is important for just about everyone. It allows you to accomplish a number of important things that will be denied you if you allow the state to decide how your estate is distributed. A well designed estate plan will:

* Help ensure that your assets go to the people you choose.
* Specify guardians for your minor children, dependents or yourself in the event you become incapacitated.
* Minimize estate taxes and wealth transfer taxes
* Avoid the costs and delays of probate
* Ensure that you and your affairs are handled in the way you want if you become incapacitated
* Relieve your loved ones of the responsibility of guessing at your wishes.
* Ensure that your loved ones receive all of the benefits and assets you want them to have

CLA Estates Services provides assistance and information for seniors who have never considered the importance of an estate plan before. The agents of CLA Estate Services offer informational seminars in cities across the country to explain the process of estate planning, various strategies that can be used to protect assets and provide more information for those who may be interested in creating an estate plan.

Many people believe that planning their estates is complicated, time-consuming and costly. CLA Estate Services representatives help demystify the process and encourage seniors to take the important steps needed to secure their assets and protect the financial future of their beneficiaries. They encourage seniors to meet with an estate attorney or tax attorney and discuss estate planning with their financial professionals to ensure that their wishes are understood and carried out.

CLA Estate Services Explains the Importance of Estate Planning to Seniors

Many older adults avoid estate planning in the mistaken belief that they don't have enough of an estate to worry about. In fact, an estate plan does far more than determine how to distribute your assets after your death. CLA Financial Services, headquartered in Frisco, Texas and operating nationwide, helps seniors understand the importance of estate planning and assists them with tools and advice to help preserve and protect the assets they've worked hard to accumulate.

Most people believe that a will is all the estate planning they need. While a will is important, it is only one of several estate planning options. A will can specify how you wish your assets to be distributed, but there are other - and often better - ways to ensure that your assets go to your heirs in the way that you intend. In addition, proper estate planning can help with more than estate distribution. Understanding the basics of estate planning can ensure that your goals are met even if you aren't able to make your wishes known.

There are a number of events and happenings that can affect your estate planning. One of the biggest roadblocks is Guardianship. In the event you become incapable of handling your own affairs, whether through dementia, Alzheimer’s or other incapacitation, you need someone to take over the handling of your affairs. Without proper planning, this usually takes place through a court approved Guardianship whereby a judge appoints someone to take over your affairs. Unfortunately, Guardianship can be a costly endeavor and may be reviewed by the judge every year. However, with proper planning, a Guardianship proceeding can be completely avoided.

Senior estate planning and asset financial advice is not just for those with substantial assets. Proper utilization of wills, revocable living trusts, irrevocable life insurance trusts, etc. offer benefits to people of all means in helping protect their assets while they are living and ensuring that their wishes are carried out after they pass away.

CLA Estate Services Helps Educate Seniors About Estate Planning

Have you made your New Year's resolutions yet? If you're among the many retirees and seniors who haven't considered what will happen to your estate in the future, consider resolving to learn more about the importance of estate planning and the many tools available to help you organize and plan for the future. CLA Estate Services is committed to educating seniors about their estate planning options. CLA Financial Services include seminars and informational programs offered in cities around the country with the sole purpose of explaining the basics and the importance of estate planning for seniors.

Factors to Consider in Estate Planning

If you haven't thought about estate planning, you're not alone. People avoid the subject for many reasons. Some are uncomfortable considering their own mortality. Others mistakenly believe that estate planning is only important for the wealthy, while still others believe that they've already taken care of it all by having a conversation with a family member or writing out a will. Representatives of CLA Estate Services have heard nearly every reason imaginable, but in the end, most people simply don't understand the importance of having an estate plan. A Complete Estate Plan not only includes contingencies to pass your property to your heirs upon your death, it also includes ensuring you have the control over your assets in the event something tragic happens and you are no longer able to care for yourself. A Complete Estate Plan also includes a financial plan to protect your assets while you are living, protect your spouses upon your death and leave a legacy to your children.

Protect Your Assets from Unnecessary Costs

Some people assume that if you write a will, your family will avoid probate and your assets will be transferred smoothly, efficiently and according to your wishes upon your death. Unfortunately, it's usually not that simple. Most, if not all, states require that wills must be probated before any assets can be inherited. This involves submitting the will to a probate court for his approval. The probate process can be relatively easy or it can be very complicated. Many utilize attorneys to help them through the process. While the future cost to probate a will is an unknown, a study indicated that it can range from 3-5% of the value of the estate. Did you know that with proper planning, probate and the costs related thereto are avoidable?

Retain Control.

As we are living longer, mental and catastrophic illnesses are a very real concern for many people. Most of us have dealt with an aging parent or relative whose mental abilities have diminished to a point that they are no longer able to care for themselves. Once this occurs, another person has to be empowered to handle the affairs of the incapacitated person. Many believe that a Power of Attorney will address this issue, but they would be sadly mistaken. Many financial institutions do not readily accept Power of Attorneys, especially if they were signed several years ago. In many cases, a relative, usually a spouse at first, has to obtain a Guardianship through the legal system in order to care for that person. Guardianships can be very stressful and costly events and have to be done every year. With proper planning, this can also be avoided.

Ensure that Dependents Are Cared For

If someone you love is dependent on you to pay for and arrange for their care, an estate plan can help ensure that care continues uninterrupted even if you're unable to make decisions, sign checks or make important arrangements. Unless you make those arrangements in advance, there's no guarantee that others will be as diligent as you've been.

Reduce Stress on Family and Loved Ones

One of the most important purposes for estate planning is to reduce stress on your family at a time when they'll already be dealing with grief and confusion. Your estate plan can prevent family difficulties by outlining your wishes for your care and the disposition of your assets rather than leaving it up to your loved ones to try to figure out what you'd want them to do.

If you haven't considered what will happen to your assets in the future or who will be responsible for your care if you should become incapacitated, a CLA Estate Services’ seminar can help explain the details and provide you with the asset financial advice you need to start making your plans. Don't let another year pass you by without doing all you can to protect your family in the future.

Why CLA Estate Services Educates Seniors About Estate Planning

Every day, tens of thousands of Americans find themselves dealing with something they never expected to have to deal with - the probating of an estate. For some, probate may be a minor issue and be resolved relatively quickly and inexpensively. For some, it can become a time consuming and expensive proposition. For the latter group, they wish they could have avoided probate altogether by taking advantage of CLA financial services.

The forms, intricacies and cost associated with probate can become overwhelming to some. Many elect to engage attorneys to help them through the process. But this only adds to the cost. What many people don’t realize is that probate can be avoided if they had properly planned ahead. Knowledge is power and at CLA Estate Services, a Frisco, Texas based company, we provide our clients the knowledge necessary so that people can make informed decisions regarding their estate plan.

At CLA Estate Services, we are not attorneys and cannot give legal advice or create any legal documents for our clients, but what we can do is educate our clients about the different estate planning tools available. We provide information so that a person can better understand their options when they discuss their needs with their attorney.

Why Avoiding Probate is Preferable

When a person dies without a Last Will and Testament or any other type of estate plan in place to direct how their assets should be distributed, the state usually directs that the estate go through the probate process. This is known as “dying intestate”. Nearly every state has specific intestate laws about who inherits what part of an estate when the decedent hasn't specified how he wishes his assets to be distributed. Probate can tie up an estate for months – many times as much as a year or two - during which time your loved ones may not have access to accounts and money that they may need to deal with expenses that arise. In addition, if a lawyer is engaged to handle the probate, his fees are paid out of the estate.

Those people who do have a Last Will and Testament will also not avoid probate. While a Will is better than dying intestate as you can control the distribution of your assets, it must be probated before it can be put into effect. So the same issues of probate arise whether or not you have a Will in place. The probate judge still has to approve the will and appoint the executor that you have named. It also allows an avenue for people to contest the validity of the Will. If contested, the person presenting the Will has to prove that the person was competent and executed the Will under his or her own free will.

Whether someone dies intestate or with a Will, probate will be necessary. The time and costs involved can make it a very stressful time for your loved ones. And in many cases, an attorney is engaged to assist the family. Two of the biggest uncertainties in estate planning are how long probate is going to take and how much it is going to cost.

Avoiding Probate Is Just One Reason for Seniors Estate Planning

CLA Estate Services’ educational seminars are designed to help seniors understand these realities and consider options that may help them avoid probate by using asset financial advice. However, probate is only one of the things involved when talking about estate planning. Seniors who attend seminars offered by CLA Estate Services also learn about other issues that can affect your estate planning, like guardianship, and the options available to address such concerns.

Guardianship – The Living Probate

At CLA financial services, we understand  that as we live longer, we also become subject of mental illnesses that can impair our ability to make decisions for ourselves. Mental Incapacitation affects everyone as we get older. Unfortunately for many, it will get severe enough to a point that we won’t have the cognitive ability to make decisions for ourselves.

Most of us know someone suffering from Alzheimer or sever dementia and understand the problems that come with it. Many of those suffering from such illnesses have to move in with their children or into a nursing home to care for them. Unfortunately, when this happens, a guardianship has to be done in order for a judge to appoint a person to act on behalf of the affected person. Guardianship is also known as “Living Probate”. A Guardianship proceeding takes place in the same court as probate as much of the issues are the same. The judge has to evaluate the person’s mental abilities through doctor testimony and, if needed, will assign a guardian to handle the affairs of the person. Usually, a spouse or child will be appointed as the guardian. However, if no spouse or child is available, the Judge will have to decide who will serve as guardian, who may include a sibling, state employee, attorney or people who specialize in acting as guardians. The guardian, with the judge’s oversight, will then have control over all the assets, much like an executor does when someone dies with a Will or intestate. Every year, the guardian has to go before the judge to show what has happened over the year, he basically has to give an accounting over all the transactions that have occurred. If the judge believes the person has done a good job, he will reappoint the guardian for another year.

This can be a very time consuming and expensive process, even more than probating a Will. Costs for attorney and doctors add up quickly and the yearly accounting to the judge can be very stressful events for our loved ones. Many people don’t realize that guardianship can be completely avoided. For example, persons with a properly funded living trust can avoid guardianship since the trust “owns” all the assets. If you become unable to handle your own affairs, the successor trustee, a person you appoint, simply takes over management of the trust. While a living trust appears to be a complex estate planning tool, the truth is, with proper assistance, a living trust can be a valuable estate planning tool for every person. At CLA Estate Services, we help seniors understand the basics of how a trust works and how it can benefit them.

You Want to Ensure That Your Surviving Spouse or Heirs Will Have Access to Your Full Assets

Many seniors believe that joint tenancy laws and joint accounts are enough to ensure that their surviving spouse or heirs will have access to the money they need for bills and living expenses. Unfortunately, in some states, even joint accounts can be locked when an estate goes into probate.

In addition, joint accounts can have severe consequences, especially if you include your children on the accounts. There are other options to ensure an orderly transfer of your assets to your surviving spouse and heirs. At CLA Estate Services, we help you understand the pros and cons of various estate planning tools in order for you to make a more informed decision.


You Want to Ensure That Your Estate Won't be Diminished by Your Care and Expenses

The possibility of long term care or catastrophic illness is a very real one - one in three seniors will require long term care before the end of their lives. The costs of medical and long-term care can erode the value of your estate and leave your heirs with nothing but bills for your care. CLA Estate Services discusses the different alternatives available to help reduce this burden on your estate.

For more information about senior estate planning and asset financial advice, contact a CLA Estate Services to find out about the various ways that conservative planning can preserve and protect your assets.

Learning About Estate Planning with CLA Financial Services

Do you need to think about estate planning? If you're like the typical middle-income retiree, you probably think that estate planning isn't something you have to worry about. In fact, there are many reasons that everyone should at least think about estate planning and asset protection. CLA Estate Services provides education to seniors and retirees about estate planning and asset protection to help seniors make important and realistic decisions about their estates and their assets. CLA Financial Services focus on teaching seniors how to evaluate their assets, determine their needs and create an estate plan to ensure that their assets are allocated in the way that they feel is best.

Why Estate Planning Is Important

Estate planning is more than making a will. It involves making sure that your assets are designated and distributed in a way that protects their value and allows you to transfer the maximum possible value to your heirs upon your death. A good estate plan can protect your assets from undue taxes, avoid or minimize probate, ensure ongoing care and support for those who count on you and reduce the burdens that may fall upon your surviving spouse or children when you are unable to make decisions about your money and its transfer.

Who Should Consider Estate Planning

If you're uncertain about whether you need to think about estate planning, ask yourself these questions.

* Who do you want to control your estate in the event you become incapacitated or are no longer able to care for yourself, you or a Judge?

* Do you have people who rely on your financial assistance, such as a spouse, children or a disabled relative? What will happen to them if your estate is tied up in probate or reduced by taxes?

* Do you want to determine which of your heirs receives your possessions and assets upon your death?

* Do you want to ensure that your assets - including bank accounts, insurance benefits, stocks, etc. - are transferred to their intended recipients as easily and quickly as possible?


* Do you want to direct at what age your children receive their inheritance or ensure that it's preserved for them?

There are many ways to preserve your assets, ensure that you'll have the resources you need throughout your life and provide for their orderly transfer to your intended heirs upon your death. It's vital that you have the advice of your attorney and/or accountant when making any decisions about your finances and assets. At CLA Financial Services, we help provide you with the information you need to make decisions, ask the right questions and assist you in implementing your estate plan.

If you've never thought about estate planning or asset financial advice before, a CLA Estate Services agent can help you start planning and organizing your estate so that you know which decisions you have to make. Don't leave your family's future to chance. An estate plan can make all the difference in the world.