October 23, 2013. Jeana Goosmann, CEO of the Goosmann Law Firm, PLC, announces that she and her estate planning team within the firm are joining her colleagues at WealthCounsel® in a public relations campaign to showcase National Estate Planning Awareness Week, October 21-27, 2013.
According to an annual industry trends survey of estate planners conducted by WealthCounsel, one of the most common reasons clients engage in estate planning is to spare their family members and heirs the chaos and conflict that often occurs after their death. Another common reason that consumers engage in planning is to protect their children from mismanaging their inheritance, or to shield their children's inheritance from creditors.
Goosmann notes that estate planning is one of the most overlooked areas of personal financial management. More than 120 million Americans do not have proper estate plans to protect themselves or their families in the event of sickness, accidents, or untimely death. This costs many families wasted dollars and unnecessary hardship that can be minimized with proper planning.
In 2008, the National Association of Estate Planners and Councils (NAEPC) worked with Congress to pass a resolution proclaiming the third week in October as National Estate Planning Awareness Week. The resolution noted that “many Americans are unaware that lack of estate planning and financial illiteracy may cause their assets to be disposed of to unintended parties by default through the complex process of probate.”
Goosmann also adds that estate planning is important for adults of all ages and income levels. Another statistic from the WealthCounsel’s industry trends survey found that 62% of the respondents believed that many Americans do not plan because they have the assumption that estate planning is only for the wealthy.
“For young families, estate planning is particularly important, as those who stand to lose the most are their young children,” says Goosmann. “In the event of the death of both parents, who will care for the children? Who will ensure any assets will be transferred according to the parents’ wishes? If there is no estate plan or will, the courts will appoint a guardian and that may be a person who does not share the values or beliefs of the deceased parents. Estate planning is a thoughtful process and not merely a single legal transaction and is so important, no matter your age or amount of assets.”
Goosmann wishes to use National Estate Planning Week as an opportunity to encourage Siouxlanders to consider completing or updating their estate plan. Anyone may contact the Goosmann Law Firm for more information on estate planning options and for planning tools.
About Goosmann Law Firm
Goosmann Law is a full service law firm based in Sioux City, Iowa, with offices in Dakota Dunes and Sioux Falls, South Dakota. The firm has attorneys that are licensed to practice in the Iowa, Nebraska, California and South Dakota. Goosmann Law Firm also has a team focused on comprehensive estate planning. You can learn more at www.GoosmannLaw.com, by emailing info@goosmannlaw.com or by calling 712.226.4000.
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