Category: Personal Finance

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The Business of Estate Planning: Plan Ahead Before It’s Too Late

Estate planning will never win awards at the family dinner for most exciting topic. However preparing for the future is always a prudent decision for yourself and your family. The idea of wills and trusts may sound like some old arcane financial jargon but in reality if you own a home, a car, or other assets, chances are you will want a say in how your belongings and money are passed on once you pass away.

Mark Shalloway: A Wills & Trusts Expert

Estate Attorney Mark Shalloway

This is where estate planning comes. Estate planning attorney Mark Shalloway of Shalloway & Shalloway explains the importance of getting your “affairs in order”:

Most people make the mistake of thinking they can wait on planning for their will or trust until well into their 60s or later. In most cases it’s best to start planning for your estate by the time you are in your 30s. You can always make changes as your life and financial situations changes. For folks worrying about care for their loved ones, the elderly, or people with special needs, planning ahead is more important than ever to avoid unnecessary emotional trauma and tax liability. 

Plan Ahead for Your Legacy

Whether you are single or married preparing for your estate is a matter of ensuring your life’s work and legacy ends up in the right hands. The business of estate planning can be complicated. Between tax liabilities, the several options involving annuities and trusts, it is wise to hire an attorney in your area who specializes in these matters before making your decisions or attempting to manage the process on your own.

Our estates are our legacy and our gifts to those loved ones we leave behind. The complicated process of estate planning is made much easier when we enlist the wisdom, knowledge and experiences of an attorney to help us with this singularly important task.