The ABCs of Estate Planning in Flower Mound and DFW

Are you one of the millions of Americans who think that estate planning is simply a matter of deciding who will get your assets when you die? If so, you need this simple lesson in estate planning to help you be certain that you have prepared for the many different issues that can affect you and your family in the event of your death or an incapacitating illness. The financial experts at Kendall Financial, in Flower Mound, Texas can answer all of your estate planning questions. Visit www.kendallfinancial.net today or call 972-874-8757 to speak with Ken Kendall  and the friendly and knowledgeable staff to discuss your estate planning decisions.

There are many aspects to estate planning that should be considered. One of the tools that can be very useful is known as an advance directive. An advance directive is used for several things:

• Durable power of attorney, which gives another person the authority to make legal and financial decisions for you in the event you are unable to do so.
• Living will, which lets you decide in advance whether you want life-sustaining medical treatment should you need life-support.
• Health care proxy, which lets you appoint someone to make health care decisions for you if you are incapacitated. This includes decisions beyond life support.

Advanced directives are an important part of estate planning and must be decided while you are still capable of making sound decisions on your own. Because you have no way of knowing if an illness or injury could incapacitate you, it is important to take the time to have an advanced directive drawn up sooner rather than later.

Another important factor to prepare for is the future of your family business in DFW, if you have one. Far too often, small businesses wind up being liquidated just to cover estate taxes. There are many reasons that people fail to plan for the continuation of their family business. Because you have spent your lifetime building up your business, the idea of handing it off to someone else is troubling for many people. There may be family disagreements that can spill over into business decisions and make them especially unpleasant to discuss. However, many people want their family business to pass on to future generations after their death. The best way to be certain that your small business stays within the family and survives is to plan a formal succession. If you fail to plan, the business that you spent your lifetime growing and building could succumb to losses that you never intended. This can seem to be an overwhelming prospect for many people. You need an expert who understands the complicated steps that must be taken to pass on your business properly after your death or retirement. Proper planning with a financial expert will save your loved ones untold frustration and grief.

There are several important steps you need to take now in order to protect your assets after your death. Remember, estate planning involves several components in addition to establishing advance directives and formal succession for your family business such as:

• preparing a will
• setting up living trusts
• transferring property titles
• making sure you have enough life insurance and disability income insurance

The best way to make certain that your wishes will be carried out should you become incapacitated or after your death is to meet with a financial counselor who has qualified experience in estate planning. Speak with Kendall Financial today for an experienced financial advisor and make certain that your future is planned for and protected.