No one likes to think about illness, disability or death, but they are unavoidable parts of growing old. Your loved ones will be saved from trouble and grief by planning now for inevitable life events. Comprehensive Estate Planning includes protection and preservation of assets – and a person’s dignity. A comprehensive Estate Plan can have many components, however there a few basic essentials that every estate plan must include. Every Estate Plan must include Advance Directives which will allow you to select the person who will make healthcare and financial decisions for you in the event that you are unable to do so for yourself due to incapacity. Your Advance Directive documents will include a Healthcare Proxy, Living Will and a Durable Power of Attorney.
In addition to the Advance Directives, every comprehensive Estate Plan will include a Last Will & Testament which will allow you to determine the beneficiaries of your estate and who your executor will be, to administer your estate. It will also allow you to establish trusts for a loved one so that your assets are held for them in a protected way. For example, a Supplemental Needs Trust can protect your assets for a surviving spouse or a child with special needs so that they can continue to receive governmental benefits such as Medicaid. Most important for seniors that are concerned about the extreme high cost of Long Term Care, we can skillfully implement Medicaid Planning through the use of a Medicaid Asset Protection Trust to protect your assets for you and your family. For those individuals with Taxable Estates, we can implement strategies to minimize or eliminate estate taxes.