What is “Estate Planning”?
Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. Estate planning covers the transfer of property at death as well as a variety of other personal matters, including how and by whom your personal care will be managed and how health care decisions will be made during your lifetime if you become unable to care for yourself.
Do I need an Estate Plan?
YES – whether your estate is large or small, and regardless of age. A young family should plan for the care and support of their children. Someone with a small estate can benefit from planning important health care and personal decisions, such as who will receive your assets after your death and who should manage your estate. A person with a larger estate can also benefit from strategies to preserve your assets for your beneficiaries and reduce estate taxes.
Estate planning with Sorgi is inexpensive and tailored to YOUR needs. We won’t up-sell you with documents and services that you don’t need.
I already have a Will – is that enough?
Probably not. Wills are just one very small piece of a comprehensive estate plan. Canned wills and trusts from self-service legal websites cannot discuss your situation and answer your questions to ensure that your documents work for you. Further, even a good requires that your estate go through the Probate Process, which is time consuming, expensive, public, and places an unnecessary burden on your loved ones. A will also cannot address important issues that affect you during your lifetime.
What if I want to make changes to my plans later?
We are a multi-generation family firm, and one of our attorneys will always be available to work with you on any changes or amendments you want to make.
What is a Reverse Mortgage?
A reverse mortgage is loan available to homeowners who are 62 years or older that enables them to convert part of the equity in their home into cash. This mortgage product can help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. Reverse mortgages can accordingly be a very useful tool in estate planning.
Instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower in a reverse mortgage. You are not required to pay back the loan or make any payments until the home is sold or otherwise vacated.