Too many people think that when it comes to financial planning, such as asset and estate planning, this is only for the rich. Nothing could be further from the truth. No matter if you own or rent your home, have a modest income or you are a millionaire living on the hill, you should consider speaking with an attorney about asset and estate planning.
The next common question people tend to ask is, “What’s the difference between asset and estate planning?”. Read on to find out.
Otherwise known as asset protection planning, asset planning protects your assets in the event of a claim, or even the threat of a claim, against you by a creditor. Whether you are an individual or a business, this kind of protection can prove to be invaluable. What is unique about asset planning is that it combines both your long-term and short-term financial goals along with your estate planning goals. It takes into consideration all of your financial plans and protects them from creditors. It’s also important to note that an asset protection plan must be in place before a claim is filed for it to be effective.
Estate planning is the simple process of getting your affairs in order. Basically, these are your wishes that must be carried out whether you are dead or incapacitated due to a medical condition or some other reason. By planning your estate, you are insuring that only your best interests are carried out. Your are also relieving this burden from your family members who could very well struggle to know what you want.
Also, part of planning your estate is choosing a person to represent your wishes. This person should be trustworthy and committed to ensuring only your best interests are carried out. You can choose a close family member, friend, or attorney to fill this role.
Other things that are included in an estate plan in Arizona are:
- A last will and testament.
- A living will that includes your wishes for care at the end of your life.
- Designating a guardian for your children.
- Designating a power of attorney for your financial and medical decisions.
Contact an Experienced Arizona Asset and Estate Planning Attorney
This is not something you should be putting off. You can not predict when something might occur that requires a comprehensive plan, and if you don’t have a plan in place, things may not turn out the way you want them to. Protect yourself, your family, and your assets by taking the time to contact a lawyer who can help you with asset and estate planning. While this may not be everyone’s favorite topic to discuss, it is the responsible and necessary thing to do. Don’t put it off any longer. Contact our experienced team of asset and estate planners today at 1-800-381-8132.