In a recent interview on the “Health Futures” radio show, estate planning attorney Lindsey Jackson shared valuable insights about the importance of estate planning for everyone, regardless of wealth or age. Here are some key takeaways from her discussion with host Bob Roth.
For the full episode, CLICK HERE.
You can also find this on any of the following podcasts:
Estate Planning is Not Just for the Wealthy
Contrary to popular belief, estate planning isn’t only for millionaires and billionaires. Jackson has worked with clients ranging from 18 to 93 years old, with net worths from $200,000 to over $200 million. The impact of failing to plan can be significant, even for those with modest means.
Incapacity Planning is Crucial
One often overlooked aspect of estate planning is incapacity planning. This addresses questions like:
- Who will pay your bills if you’re incapacitated?
- Who will make sure your taxes are paid?
- Who will take care of your pets?
Jackson emphasizes that once capacity is lost, it’s often too late to create these important documents.
Planning for Children’s Future
For younger parents, nominating guardians and conservators for minor children is a critical part of estate planning. Special needs trusts may also be necessary for children with disabilities to ensure they maintain eligibility for public assistance and benefits.
The Rise of Virtual Law Firms
Jackson has embraced the virtual law firm model, which offers several benefits:
- Increased flexibility for both attorney and client
- Reduced overhead costs
- Ability to make house calls or meet clients at their preferred location
- Efficient use of technology for document storage and client communication
The Importance of Professional Guidance
While there are various options for estate planning in Arizona, including certified legal document preparers and some financial advisors offering these services, Jackson stresses the importance of working with a licensed attorney. Attorneys bring a higher level of expertise, accountability, and ethical obligations to the process.
Making Estate Planning a Priority
Despite its importance, many people avoid estate planning because it seems boring or forces them to confront uncomfortable topics like death or incapacity. However, recent events like the COVID-19 pandemic have highlighted the need for preparedness. As Jackson puts it, we all play “beer truck roulette” every day – we never know when we might need these crucial documents.
By understanding the broad scope of estate planning and its importance for people of all ages and financial situations, we can better prepare for the future and protect our loved ones. Don’t wait until it’s too late – consider speaking with an estate planning professional today.
