Estate Planning Awareness Week, October 17-23, 2011
Hoffman & Associates, Attorneys-at-Law, LLC joins its Colleagues in Promoting National Estate Planning Awareness Week, October 17-23, 2011
According to a 2010 industry trends survey of estate planners, nearly 70% of the respondents indicated that Americans fail to plan because they lack awareness as to why they should. Hoffman & Associates is passionate about building awareness of the importance of thoughtful planning and is committed to educating the public about the negative consequences of what can happen to one’s loved ones when the proper documents are not in place.
Mike Hoffman of Hoffman & Associates noted that estate planning is one of the most overlooked areas of personal financial management. More than 120 million Americans do not have proper estate plans to protect themselves or their families in the event of sickness, accidents, or untimely death. This costs many families wasted dollars and unnecessary hardship that can be minimized with proper planning.
In 2008, the National Association of Estate Planners and Councils (NAEPC) worked with Congress to pass a resolution proclaiming the third week in October as National Estate Planning Awareness Week. The resolution noted that “Many Americans are unaware that lack of estate planning and financial illiteracy may cause their assets to be disposed of to unintended parties by default through the complex process of probate.”
“Estate planning is a thoughtful process and not merely a single legal transaction. It should be reviewed every 3 to 4 years,” said Mike Hoffman. “As a member of many estate planning organizations, our firm has access to a state-of-the-art document drafting system, a network of experienced colleagues throughout the country with whom we can collaborate, and superior educational resources to help us stay on the leading edge of knowledge,” said Mike Hoffman.
Another startling statistic from the 2010 Industry Trends Survey of estate planners found that 62% believed that many American do not plan because they have the erroneous assumption that estate planning is only for the wealthy.
Estate planning is important for adults of all ages. Read the September 27, 2011 article in U. S. News & World Report entitled “What You Need to Know About Estate Planning” which highlights the importance of single 20-somethings having an estate plan that includes a medical directive in the event of unexpected injury or illness.
For young families, estate planning is particularly important, as those who stand to lose the most are their young children. In the event of the death of both parents, who will care for the children? Who will handle the affairs of the estate and ensure that property will be transferred according to the wishes of the deceased parents? If there is no estate plan or will, the courts will appoint a guardian for the children, and the guardian may be an individual who does not share the values and religious beliefs of the deceased parents.
Or in the event of divorce and remarriage, how will property pass from the former spouse to the children living in a household with a stepparent? In the event of the death of the primary breadwinner, is there sufficient life insurance coverage for purposes of income replacement to support the surviving spouse and children who were dependent upon the primary breadwinner for their daily maintenance and support.
Advanced age and substantial wealth are not the primary indicators of the need for an estate plan. Young families, especially those with children who have special medical or educational needs, should seek the advice of an estate planning attorney who can guide them in providing for the current and future needs of their young children.
For more information or to set up an appointment to review your estate planning documents, please call 404-255-7400.
