Estate Planning
Traditional estate planning years ago consisted of a Last Will and Testament and not much else. Estate planning today must take into account health issues, financial and retirement plans, income needs and long term care insurance. All of your assets should be addressed and incorporated into your estate plan.
Estate Planning Strategies
Estate planning involves numerous strategies and documents designed to protect your assets from estate taxes, the Probate Court and the Nursing Home. These strategies include:
- Wills to designate beneficiaries and guardians of minor children
- Durable Powers of Attorney to allow you to appoint another to make financial decisions in the event of legal incapacity. Comprehensive DPOA with appropriate provisions are critical in long term care planning. Without the proper provisions, your family may be forced to petition a Probate Court Judge to transfer assets.
- Health Care Proxies to appoint another to make medical decisions in the event of legal incapacity.
- HIPAA releases to prevent communication restrictions for your Agent.
- Revocable Trusts to assist in avoiding probate, incapacity planning, establishing subtrusts for minor grandchildren and efficiently pass assets to beneficiaries.
- Irrevocable trusts drafted to protect your assets in the event of a long term care requirement where Medicaid benefits will be applied for.
- Special needs trusts/Testamentary trusts
The time to plan is now. Contact us to discuss your estate plan.
The first and essential step in estate planning is contact an experienced estate planning attorney. Our goal is to help our clients protect their assets whether they are still actively working, in their retirement years or in a long term care facility.
