Estate Planning Lawyers in Cedar Rapids, Iowa in Linn County, IA
Estate planning is not solely for the wealthy or for those who are nearing the age of retirement. Estate planning is for anyone near Linn County, Iowa seeking extra life protection, regardless of their financial situation – it’s never too early to begin. An estate plan can be simple, like having a will in effect, or much more complicated, depending on your needs. At its most basic state, an estate plan is a legal strategy to help ensure you have a say in how your assets are carried out in the event of your death or incapacity. If you are a parent to minor children, it also safeguards that they will be taken care of by the people you trust and designate if something were to happen to you. Many different estate planning strategies can be used to reach your goals. Working with an Iowa estate planning attorney is the best way to make sure your plan perfectly fits you and your the ones you care for the most.
At Stange Law Firm, our Cedar Rapids estate planning attorneys have familiarity with helping individuals like you create comprehensive estate plans that serve to protect their families and assets. We know that every situation is different, and we take the time to get to know you and your specific situation to create a plan that will work for you.
Estate planning services that we offer in Cedar Rapids, Iowa include:
- Wills: A will is a legally binding document that determines how you would like your assets to be distributed after your death. If you die without one in place, Iowa law will determine how your property and debt is divided. This is a risk as their decisions may not align with your wishes.
- Trusts: A trust is a legal entity that can be used to hold assets on behalf of another person. Trusts avoid probate, minimize taxes, and protect assets from creditors, making them a great option for a variety of purposes.
- Elder Law: Elder law planning is designed to protect seniors and their families as they age. This type of planning includes estate planning, asset protection, long-term care planning, and more.
- Special Needs Planning: Special needs planning is a way to make sure that a person with special needs will be taken care of financially and emotionally if something were to happen to their caregiver. This type of planning can include creating a special needs trust.
Because there are numerous options available, estate planning can be overwhelming. However, our estate planning attorneys can help you navigate the process and protect your assets with ease.
What Are Common Assets to Include in an Estate Plan in Cedar Rapids, Iowa?
We are frequently asked what types of assets should be included in their estate plans in Cedar Rapids. Our response usually varies depending on what is sought to be accomplished with the assets.
Common assets people may choose to include in their estate plan in Linn County, Iowa are:
- Real estate – including your home, vacation property, and rental property
- Vehicles – including traditional cars, trucks, motorcycles, personal boats, and RVs/other camping equipment
- Retirement accounts – including 401(k)s, IRAs, and pensions
- Investment accounts – including stocks, bonds, and mutual funds
- Bank accounts – including checking accounts, savings accounts, and money market accounts
- Business interests – including the ownership of a small business or partnership
- Personal property – including jewelry, art, collectibles, and heirlooms
- Life insurance policies – including whole life or term policies
While there is no universal example of what assets should be included in an estate plan, the above assets are some of the most commonly included ones.
What Obstacles Are There to Creating an Estate Plan in Cedar Rapids, IA?
Many obstacles may be prevalent when attempting to create an estate plan. These obstacles can make the process seem more challenging and even impossible. However, with the assistance of an experienced estate planning attorney, you can overcome these obstacles and draft a plan that will honor your most intimate wishes.
Common obstacles to estate planning in Linn County, Iowa are:
- Not knowing where to start: Estate planning can seem overwhelming, especially if this is your first time creating one. However, an estate planning lawyer will share what choices need to be made early on, and what documents must be prepared. They will guide you through each step in the process to keep stress at a minimum while making progress on your estate.
- Procrastination: Many individuals put off estate planning because they believe it is something that can be done later. However, it’s an important part of taking care of your loved ones and protecting assets. If you wait too long to create a plan, it could be too late.
- Not having enough assets: Some individuals think that they do not need to create an estate plan because they do not own enough assets. However, estate planning is not simply for individuals with a lot of money. The truth is that everyone in the Cedar Rapids area could benefit from having a plan in place.
- Not knowing whom to include: Many people are not sure whom to include in their estate plan. However, a Cedar Rapids estate planning lawyer can help you with revealing the people who should be included in your plan based on your specific goals and needs.
- Not having enough time: Drafting an estate plan on your own could indeed take a significant amount of time. That’s why it is important to work with estate planning legal representation. They help take care of the heavy lifting for you. This way, you can be content that your plan is comprehensive and tailored to your situation without having to spend hours researching and drafting the paperwork yourself.
Contact Stange Law Firm in Cedar Rapids, Iowa Today to Schedule an Initial Consultation in Linn County
Creating an estate plan is an underestimated part of taking care of your kin and protecting your assets. If you have questions about estate planning or need assistance creating a plan in Cedar Rapids, Iowa, or anywhere nearby, contact Stange Law Firm today. We are ready to help you get started.
Linn County (Cedar Rapids), Iowa Office (319-219-6828) | 3100 E Ave NW, Suite 105, Cedar Rapids, Iowa 52405
