What is estate planning?
Some may think of estate planning as having a will prepared or setting up a living trust. Actually, estate planning is much more. It is the process through which a family's wealth and assets are transferred for enjoyment by future generations. It is planning for the care of loved ones in the future or during unexpected circumstances. It is providing decision-making in advance for the time when they may no longer be able to care for themselves.
If your estate is not properly planned, much of its wealth could be unnecessarily lost due to federal and state estate taxes and variable probate costs. But estate planning is about more than avoiding taxes. The skilled and experienced attorneys at Richmond & Fishburne can help you develop a plan for the smooth transfer of wealth to your children, spouse, grandchildren or other loved ones. We can help you explore special needs you or your beneficiaries may have and provide for future uncertainties that may arise. We can identify situations that you may not realize require special care. Careful estate planning ensures that your wishes about how, when and to whom your assets are to be transferred are carried out. The choices you make in planning your estate can have a temendous impact on the lives of your heirs long after you are gone.
When should you plan an estate?
Estate planning is not just for the wealthy. Certainly, the older you get, the more you start thinking about how to transfer your wealth to the next generation. But families with young children also need to do estate planning, as do people with children from previous marriages.
At Richmond & Fishburne we have assisted thousands of persons in Charlottesville, Albemarle and neighboring counties in the estate planning and wealth transfer process. Our highly trained attorneys and paralegals can help you too.
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