National Estate Planning Week


It’s National Estate Planning Awareness Week — Food for Thought. It is not just for the wealthy. Middle class folks need to be aware of the need for preplanning also.

In 2008, Congress declared the third week in October as National Estate Planning Awareness Week. There are a few common misconceptions about the need for estate plans, so here is some food for thought from a Ruston elder law and estate law attorney. First, the most frequent misconception we hear is “I’m too young.” In fact, it’s never too early. Tragedy can strike at any minute, and responsible planning is one of the best gifts you can give your loved ones during that tough time. Hope and pray for the best, but plan for the worst. As the Boy Scouts say: “Be prepared.” 

Second, elder care plans are not just for the rich. In today’s economy, very few people can afford to pay several thousand dollars a month for long term care. Thus, planning is probably more important for middle-income Americans than anyone else. 

Finally, many people are content with the State’s rules deciding who gets what after a death. However, Murphy usually shows up at the worst of times. What happens if there is a disability of a loved one? Probate without planning can result in a disabled grandchild’s losing government healthcare benefits. What happens if one of your descendants becomes the victim of a disease such as substance abuse? Proper planning can ensure that the money for which you’ve worked so hard will not be wasted away on drug dealers. Hopefully, none of this will come to pass. This is merely food for thought. As the old saying goes, “An ounce of prevention is worth a pound of cure.” 

An Elder Law attorney can help you decide what estate plan is right for you and your family so you don’t have to wait until a crisis occurs or a succession is opened. Call us. We can help.

 © Goff and Goff 2015