Leading Estate Planning Attorney Fred Haiman Reveals Main Reason Why People Don’t Plan Ahead – Frisco, TX

Top estate planning attorney Fred Haiman, partner at Haiman Hogue, points to the thought of death as the main reason for not planning ahead. For more information please visit www.HaimanHogue.com

Frisco, TX, United States – September 29, 2019 /MM-REB/ —

In a recent interview, Fred Haiman, partner at Haiman Hogue, points to the thought of death as the main reason most people don’t plan for the future.

For more information please visit www.HaimanHogue.com

When asked to comment, Haiman said, “Most people don’t plan for the financial repercussions of what will happen after their spouse or loved one dies, simply because they don’t want to think of life without that person.”

A 2016 survey conducted by Gallup Polls showed that 56% of Americans don’t have a will.

However, Haiman says, being unprepared often has unintended consequences.

“Not planning what to do with a loved one’s assets post-mortem could cause both financial and emotional turmoil. This can easily be avoided through estate and financial planning,” Haiman said.

He added financial problems include not knowing which assets exist, how to divide those assets, or even how to access important documentation.

Financial and estate planning, according to Haiman, should be done when the individual is in good health, both mentally and physically. “Cognitive decline can take its toll on couples’ ability to manage and execute an estate plan,” a recent New York Times article reported.

Financial and estate plans can be complicated, Haiman says, as there are a number of variables to take into account.

“I convince my clients to set aside time to completely understand their finances as well as their family goals and objectives. So, the first step in end-of-life planning is breaking down all individual assets, life insurance policies, pensions, and retirement plans, then outlining the family goals and objectives” he said.

An experienced estate planning attorney can help to explore all available options and provide guidance in creating a customized plan. After determining what should be done with the assets and how they will be divided, appointing a trustee, executor and agent under power of attorney is vital, according to Haiman.

“Having both a financial and healthcare power of attorney are important in executing the plan and making sound end-of-life decisions, particularly after the aging process has taken its toll,” he said.

Haiman also highlighted that both partners should attend all financial meetings together throughout the planning process to ensure they are both on the same page.

“Most people don’t understand that taking the time to sort financial matters far in advance with a spouse pays off in the long run, particularly when someone is grieving the loss of a loved one,” he said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC.
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: http://www.HaimanHogue.com

Source: MM-REB

Release ID: 88923283