Yes, a Utah Estate Plan can have benefits during your lifetime as well as after you die. Estate planning is not just about what happens after you pass away. It is also about protecting yourself and your assets during your lifetime. Here are some ways a Utah Estate Plan can benefit you during your lifetime:
- Incapacity Planning: An estate plan can include documents like a power of attorney and advance directive, which can specify who will make medical and financial decisions for you if you become incapacitated.
- Asset Protection: An estate plan can help protect your assets during your lifetime. By using trusts and other legal tools, you can shield your assets from creditors, lawsuits, and other potential risks.
- Tax Planning: An estate plan can help minimize your tax liability during your lifetime. For example, you can make gifts to your beneficiaries while you are alive, which can reduce your estate tax liability.
- Business Succession Planning: If you own a business in Utah, an estate plan can include a business succession plan to ensure the business continues to operate if you become incapacitated or pass away.
- Peace of Mind: Finally, having an estate plan can provide you with peace of mind during your lifetime. You will know that you have taken steps to protect yourself, your loved ones, and your assets in case something unexpected happens.
In short, a Utah Estate Plan can provide many benefits during your lifetime, including incapacity planning, asset protection, tax planning, business succession planning, and peace of mind. It is important to consult with an experienced estate planning attorney to determine the best plan for your unique situation. Contact Fillmore Spencer today to schedule a consultation with an Estate Planning expert who can advise you as you plan for your future and prepare for anything that may come your way.