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Importance of Estate Planning
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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 about 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 possessions,
and with the firstfruits of all your increase;"-
Proverbs 3:9
"But do not forget to do good and to share
with others, for with such sacrifices God is
well 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 much as depends
on you, live peaceably with all men."-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 friend of Bible Prayer Fellowship, PhilanthroCorp
will offer you, without obligation, an initial
conversation with one of their Estate Specialists.
This will give them an opportunity to review your
current situation and tell you very simply whether
or not they would be able to help.
For
a free brochure or to contact PhilanthroCorp
(click
here)
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