Estate planning is important for people of all ages because it addresses financial, personal and health care decisions that have cross-generational implications for quality of life. Estate planning is just as important for younger adults as it is for older individuals. Young families, in fact, should take special care that unexpected misfortunes do not threaten the security of minor children.
The Quraishi Law Firm has a team of estate planning lawyers in Texas who specialize in creating a holistic financial plan that can take care of your family after your death. If you reside in Frisco, Dallas, or other cities in Texas, we can guide you in drafting an estate plan that meets your current and future financial circumstances.
What is an Effective Estate Plan?
An estate plan ensures that personal wishes are honored, and it should evolve with each key family event — marriage, births, deaths, home purchases. At the minimum, it should address a Last Will and Testament, guardianship of minor children, any beneficiaries with special needs, insurance, investments, durable powers of attorney, and health care directives.
A well-drafted estate plan saves taxes, court, and attorney costs. More importantly, mourning loved ones will not be burdened by unnecessary “red tape” and financial confusion. This is exactly why we handle all the legal matters carefully and efficiently, as we don’t want to make any oversight that could result in an expensive probate process, in the future. As much as we can, we anticipate possible future legal issues and try to address them through the estate plan we’ll create for you.
Why Do You Need an Estate Plan?
Without careful estate planning, your beneficiaries may not receive their intended inheritance. This is especially true for individuals who are not part of a “typical” nuclear family. Increasingly, children are being raised by single parents, lesbian and gay parents, or grandparents. Our Legacy Wealth Planning addresses these real-life issues, and includes divorce protection for children, remarriage protection after the death of a spouse, creditor concerns and passing on family values that have been overlooked in traditional estate planning.
Estate planning can also protect assets in the event that you require long-term care. One means of preparing for potential long-term care cost is the purchase of long-term care insurance. Such insurance can offer tax advantages, security, and the ability to remain home longer.
Planning for the future can be overwhelming. But with our expertise in estate planning, we can help you prepare better for the future. Whether it’s for your long-term health care or inheritance to your children, we can guide you in creating an estate plan ideal for your unique requirements.
Our attorneys are available for personal consultation, so don’t hesitate to set an appointment anytime. Or, call us today at (972) 292-7675 to learn more about estate planning in Texas cities, such as Denton, Fort Worth, and Plano.