Estate Planning Overview
Every
year the vast majority of Americans who die, do so without
having prepared a valid estate plan. For the
past three decades the numbers hover between 70 and 80 percent.
This statistic is especially astounding since the
U.S. tax code provides some significant incentives for the preparation
of an estate plan. These incentives are designed to make it easy for
very personal wishes to be known and followed -wishes that deal with
child custody, property distribution and a legacy of Christian values.
Not to mention the fact that, in many cases, a carefully planned estate
serves to actually minimize costs related to settling an estate.
What is it about the preparation of one's personal wishes
- what an estate plan really is - that Americans avoid in such resounding
numbers?
In counseling with Christians concerning the design
of their estate, four reasons continually arise:
- Lack
of Understanding on God's Directive for Stewardship
Throughout scripture, you will find several references that speak
clearly on what we are called to do with the resources God provides
for us. It is imperative that we understand God's Word on stewardship.
"Honor the Lord with your wealth, with the first fruits of
all your crops;"- Proverbs 3:9
"And do not forget to do good and to share with others, for
with such sacrifices God is pleased."- Hebrews 13:16
- Distaste
For Legal Documents
Many Americans seem to have built in distaste, even distrust for
legal documents. They tend to be long and difficult to understand.
However, when compared to the legal intricacies of seeing an estate
without an estate plan through the probate process, an estate plan
is easily understood. Attorneys will gladly provide an easy to understand
summary of the contents of an estate plan, helping to insure that
the documents meet your objectives.
- People
Are More Important Than Dollars
While there are many tax benefits to designing a proper estate,
planning should not be done in a way that destroys family relationships
- it should support those relationships.
"If it is possible, as far as it depends on you, live at peace
with everyone."-Romans 12:18
- Life
Gets In The Way
Finally, it is completely possible that the single biggest reason
men and women fail to prepare an estate plans falls into the "life
just gets in the way" category. For some it is simply the day-to-day
routine that is "too busy" to consider an estate plan.
For others it is the concept that no one plans to die, or certainly,
no one enjoys planning to die. For another group it may be attributed
to a "no one can know the future" rationale, a thought
that so much could change between today and the time of death. What
possible good could it be to plan today?
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While
almost all of the reasons for procrastinating are understandable,
none will serve to lessen the reality that the absence of an estate
plan can have devastating impact on an estate and remaining family
members.
A proper
estate plan should accomplish the following:
- Express God's
plan for stewardship.
- Transfer the
assets God has entrusted you to individual and charitable beneficiaries.
- Transfer your
estate in a tax efficient manner with the least possible amount
of heartache, cost or delay.
As a member
of Officers' Christian Fellowship, we at PhilanthroCorp will
offer you, without obligation, an initial conversation with one of
our Estate Specialists. This gives us an opportunity to review your
current situation and tell you very simply whether or not we would
be able to help.
For a
free brochure or to contact us (click
here)
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