October Is Estate Planning Awareness Month in DelawareOctober 25, 2018 Wealth Planning Alert
Delaware Gov. John Carney has declared that October is Estate Planning Awareness Month, sending a clear message that citizens need to understand more about the best ways to control the future of their accumulated wealth and avoid high-cost legal processes and taxes.
In the proclamation, the Office of the Governor noted that many Delaware families remain unaware of the value of estate planning and do not realize that the benefits of an effective wealth preservation plan outweigh the cost of forming one. A lack of planning may allow assets to fall into the hands of unintended parties or subject family members and other beneficiaries to complex probate and administrative processes that create confusion and take financial and emotional tolls.
A will alone may not be enough to avoid asset distribution disputes and the judicial proceedings that follow.
Careful estate planning maximizes wealth preservation and creates clarity about asset disposition, whether that occurs before or after death. Benefactors should be aware that they can leverage alternative forms of wealth transfer, like planned gift giving, that can accomplish their financial goals at lower tax rates.
While estate planning may not have the ring of other awareness causes, Gov. Carney recognizes its importance. Delaware citizens should be in control of the assets they’ve accumulated and preserved over a lifetime, and ensure that it benefits their families, heirs and charities.
If you have any questions about your estate planning and wealth management needs, please contact Beth B. Miller at 302.622.4219 or [email protected].