Want to Gift Your Car to the Governor? You could unintentionally do so.

Lesson: Estate planning is not for the wealthy only. Each of us needs to be proactive with our planning or we could risk passing the assets we do have to the government instead of our loved ones.

Regardless of your level of financial wealth, I have not met anyone yet who wanted to give a portion of his/her property to the government. 

Today's story is about Grandma Jackie. Despite numerous conversations with her family and urging of her loved ones, Jackie failed to make any plans for her death. 

Grandma passed suddenly one day while out shopping. She had driven herself to the store. When emergency personnel responded, they impounded her vehicle before her loved ones arrived on the scene. 

After the initial shock and grief set in, Jackie’s family called the impound lot to retrieve the vehicle. However, Jackie was the only owner of the vehicle. The only way to obtain possession of the vehicle is to file a lawsuit. 

The vehicle is worth a couple thousand dollars and the impound lot charges were continuing to stack up daily. When adding the costs of court (attorney’s fees, court costs, appraisal fees, etc.) and the delay of court (remember the impound charges are accumulating daily), the family made the tough decision to leave the car in the impound lot until it is declared as unclaimed property and will pass to the government. 

This situation happens with bank accounts all the time as well. All of this can be avoided with simple planning ahead of time. 

If you are ready to take action to save your family from the costs, stress, and emotional turmoil of a failure to plan (or an outdated plan that fails when you need it), use the following calendar link to book your Estate Planning Session: https://mklegalplanning.as.me/estate-planning-session

 Let’s continue our conversation! Comment below, send me a message, or call us.

The choice of a lawyer is an important decision and should not be based solely upon advertisements. This publication is for informational purposes. Nothing in this publication is legal, financial, or tax advice. MK Legal Planning recommends that you consult with an accountant or other tax professional in conjunction with an attorney to form an advisory team. This publication does not create an attorney-client relationship with the firm or its attorney. © 2019 MK Legal Planning.