How many seniors in Rapid City and the state as a whole are participating in estate planning?
While estate planning can include choosing a life insurance beneficiary or preparing power of attorney documents, one of the most common tools used to plan an estate is a trust. Similar to a will, a trust allows a person to choose a trustee to have assets transferred to after death. But trustors can also have assets transferred while still alive. In South Dakota, the following number of people have filed trust documents:
When comparing the number of trust documents filed to the slightly less than 150,000 adults in South Dakota who are aged 65 and over, it appears that more work can be done to encourage older adults to plan their estates. Sometimes, seniors might feel uncomfortable about sharing their personal information with someone they don’t know. Finding a trustworthy Rapid City estate planning attorney with a proven track record of excellence could go a long way in encouraging your senior to begin the process.
Do adult children in Rapid City have any worries about their parents’ estate?
As parents grow older, adult children often create a laundry list of concerns. They might worry about their parents falling and being injured or succumbing to a mental condition like dementia. But these are just a few concerns of adult children. Here is a look at other reasons they worry about their aging parents:
It appears that many concerns of adult children focus on the financial aspects of aging like paying for senior living and determining how assets will be distributed after their parents pass away. These are important concerns since offspring may have to chip in to cover costs associated with senior living or funeral expenses if their parents’ affairs are not in order. If your loved one has yet to make these and other end-of-life decisions, now’s a good time to find a Rapid City estate planning attorney.
How to choose the best estate planning attorney in Rapid City
Your loved one deserves to work with an experienced estate planning attorney in Rapid City who has a wealth of estate planning knowledge. You especially will want to search for an attorney who specializes in your loved one’s estate planning areas of interest. There are many lawyers who can do a great job of preparing a will, but if your senior wants to take part in more sophisticated estate and gift tax planning, they might need to work with an expert in this area. The same is true if your loved one wants assistance with protecting their business, creating an irrevocable trust, or working through estate taxes.
Once you pinpoint your senior’s needs, you can begin reaching out to lawyers who show the greatest promise. It’s good to ask about their credentials and find out how many years of experience they have with estate planning. If you feel confident about a few “finalists” but don’t know who to choose, consider having your loved one meet them to make the ultimate selection.
Get more information about this topic by reviewing our comprehensive guide to choosing an estate planning attorney.
Estate planning solutions for Rapid City seniors
Finding a reputable estate planning attorney can ensure your loved one’s final wishes will be honored upon their passing. It can also give family members peace of mind knowing that they won’t have to make tough decisions regarding the distribution of assets – or worse, endure lengthy court proceedings due to family disagreements. We take pride in being able to help you locate the right lawyer. Jumpstart your search by exploring our listings for estate planning services in Rapid City today.
