If you are planning for your family’s future, you may have several questions about Estate Planning. Whether you are seeking guidance in writing a Last Will and Testament or you’re looking to setting up a Trust for your family, an experienced Estate Planning attorney can explain the entire process in detail.
Wills – Having a will in place is important no matter how old you are, whether or not you have children or a spouse, or what your finances are like. A will, in its simplest form, is a document that distributes your assets in the manner that you wish. However, this goes above distributing finances and property, estate planning preparation for a will includes documents like durable power of attorney, a healthcare directive and a living will: all things that designate how you wish yourself and your property to be dealt with in end-of-life situations.
Trusts – Trusts may be put in place to reduce tax liability or to avoid probate and reduce expenses or limit other issues that may be encountered while settling an estate. There are four types of trusts: a revocable or living trust, an irrevocable trust, special needs trusts, and qualified income trusts. An estate planning attorney can smoothly guide you through what options are best for you and your family.
Probate – Probate is the process of settling your estate, and with the help of an estate planning lawyer, you can situate your will in such a way that your family may be able to avoid the long and sometimes tense and divisive process of probate proceedings.
Medicaid Planning – As long term nursing care is needed later in life, finances are under the threat of being completely disposed to costly medical care; however, assets can be maintained and protected when certain procedures are followed. Medicaid is complicated and has complex laws. If an application is not properly completed, you could lose your assets. With the proper guidance of an elder law attorney, all of the options can be discussed and you can come up with a plan that prevents the loss of your assets or possessions.