By 2020, it is expected that about 157 million Americans will have been diagnosed with a chronic illness. If you're one of them, you should have an estate plan that reflects that reality.
Famed Omaha, Nebraska, businessman Warren Buffett announced he will donate $3.6 billion worth of shares in his Berkshire Hathaway company to five foundations as part of his estate plan.
To most people, estate planning is one of the most confusing endeavors to undertake. Often, it is difficult to even begin such a task, but many agree that putting an estate plan in place is important. The good news is that working with a lawyer simplifies this process for most Omaha residents. Another benefit of attorney assistance is avoiding the mistakes that many people make when they attempt estate planning alone.
Creating an estate plan and letting it sit dormant for the rest of your life is not the best idea. When you finalize and sign your estate plan you cannot just put it away and never look at it again. In fact, there are certain milestones in life that should remind you to review your estate plan and make any appropriate changes to reflect where you are in life right now.
Some might solely associate estate planning with wills and other documents setting out what will happen when one dies. While this is a key role of an estate plan, it is far from the only important purpose it can serve.
When most people think about estate planning, they focus on a single document: a will. Certainly, wills are important tools for many reasons. They provide a way to outline your wishes for how to distribute property and who to appoint as guardians for your children.