Submitted by Christopher S. Nudo on
The Disability and Death Expense Funnel is an analogy used to describe how your estate could lose value due to expenses such as estate taxes, probate fees, legal fees, and other administrative costs. At the top of the funnel are assets that can be impacted, like retirement plans, personal property, real estate, life insurance, and business interests. As the assets move down the funnel, they may encounter these expenses, which can reduce their overall value, leaving your family with less inheritance.
However, with a mindful estate plan in place, you can avoid these obstacles and associated time and expenses. For instance, a typical death probate estate may take up to a year to close, with fees ranging from a few thousand dollars to hundreds of thousands of dollars, depending on the state and estate complexity. A proper estate plan can bypass probate courts and save your family time, money, and grief.
By working with an estate planning attorney like Christopher S. Nudo, you can maintain control over your assets while you're alive and mentally able. You can also manage how your assets are handled in the event of a mental disability and ensure efficient distribution of assets after death. Moreover, you can control and safeguard your assets after your passing, protecting your children from divorce, bad spending habits, and creditors.
Secure the future of your loved ones by taking control of your estate today! Get in touch with Christopher S. Nudo, Attorney at Law, to ensure your family avoids the stress and unwanted expenses of probate court, leaving more assets for your family to cherish.
