Many people think that estate planning only applies to the wealthy. At our Firm, Fragnoli & Company, CPAs in Brentwood, TN, we frequently have encounters with client prospects that don’t feel an estate plan is necessary for them since their estate is under the estate tax threshold. This cannot be farther from the truth.
Estate planning is a lot more than minimizing estate taxes. There are probate issues, income replacement, business continuity concerns and family security matters to just name a few. Assets, such as real estate and securities, can be held up in probate courts for months if not held in a trust, like a family trust, or in a proper title like joint tenancy with right of survivorship. Businesses can come to a standstill with no management continuity plan in place. Homes can be lost and education suspended or stopped due to lack of continuity of income cash flow.
A will and some life insurance is not enough. Too frequently I hear from people that they have some life insurance and a will and they think that is enough. Estate planning does not have to be overly complex or expensive. Just a few simple steps and implementation of a solid and functional, plan can save loved ones a lot of hassle and a lot of money. Probate and legal fees can be costly.
Few services we provide can give a responsible spouse and/ or parent better peace if mind than having their estate issues dealt with via a solid estate plan. This should be done in conjunction with a comprehensive financial plan. At Fragnoli & Company, CPAs, we encourage our clients and friends to look into an estate and financial plan. We offer this service at a fixed and reasonable fee. We would love the opportunity to meet with you and assist you and your family.