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.
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.
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.
Are you sure that your current retirement plan will take care of you throughout your life? Have you made arrangements that will care for your family if you become incapacitated? How will your nest egg hold up if you become seriously ill or need long term care? Consultants from CLA financial services help seniors deal with these uncomfortable questions every day. The services provided by CLA Estate Services include education and solutions for seniors and retirees who may not have thought about these important questions.
The company offers complimentary workshops for retirees in cities across the country. The seminars cover various essential questions and information that seniors should understand to help them protect their assets and plan their estates. These questions are not easy ones for people to deal with - no one likes to contemplate their death or incapacitation - but they are essential to ensuring that your family is protected from the many costs that can accompany a catastrophic illness, long term care and the access and transfer of assets upon your death.
Over the years that CLA financial services has been offering their estate planning workshops, tens of thousands of seniors have benefited from learning about the estate planning process and the many tools available to execute a safe, conservative approach to asset protection. The issues discussed in these workshops can help seniors avoid costly mistakes and ensure that your family is cared for even when you aren't there to do it.
Maximizing Your Retirement
Seniors who attend the planning workshops learn strategies and get advice on how to protect their assets. Among other important topics, CLA educators help seniors understand the importance of maintaining control of your assets and your estate by outlining the tools available to help you plan for your family's future.
If you have concerns about your estate planning, the CLA workshops can help identify the issues and outline solutions. The workshops will help you understand what happens to your estate when you die or become incapacitated and how you can maintain control of distributing your assets rather than allowing a court to make those decisions for you. The workshops also addresses long term health care concerns, how to protect your assets, the dangers of joint accounts and how to avoid probate to ensure that your family has access to the assets you intend for them to have.
CLA financial services have been helping seniors plan for the financial future for well over a decade. The company is proud to maintain an A+ rating with the Better Business Bureau, thanks to their care and attention to clients and to their prompt response to the very few complaints filed with the BBB. If you are uncertain about estate planning and asset financial advice protection, look for a CLA workshop in your city and learn about the ways that you can protect yourself and your family through prudent and conservative financial planning.
