I have always been a big planner. I do spend time thinking about what I can do to make life easier and better for my loved ones, although I’m not rigid with my aims. My strategies require a commitment and are extensive and sometimes a few steps are.
Most of the time, I’ve found that the smaller, more focused commitments are the ones that I complete and will make the most difference.
Estate planning sounds like an overwhelming job that will require a great deal of paperwork, time, and considering things nobody wants to consider, when, in fact, it is relatively painless and straightforward. We all put it off: I liken it to getting a flu shot and dread doing this, but once we are there, it’s a fast pinch and you’re protected.
Everyone, no matter they’re worth, must have real estate planning in place. You owe it to yourself and your loved ones.
What precisely is this procedure?
Contact an attorney to arrange a meeting time. Many, like myself, have flexible hours and will meet after work with you, if this is convenient for your program.
Before you meet with an attorney, they should supply you with some tips that will help you consider each of the different concerns you will find with estate planning. I provide my customers with a workbook. Some things may not use (i.e., you are 34 years old and do not have grandchildren), and many others are things you may never have thought of, but need to (i.e., who will take care of my children when, God forbid, something happens to me?) It is not a test; there are no wrong or right answers. It’s simply to get you thinking.
As soon as you’ve had a chance to make some decisions, you are going to meet with your attorney to talk about what you are seeking in the estate planning process (Only a will? Living will? Power of Attorney? Special needs trust? Entire package?), and to determine if any planning needs to be carried out.
Occasionally, you may need to meet to talk about more complicated issues, but for many people, that is all you have to do until it is time to critique the estate planning files that your lawyer has prepared according to your requirements.
Estate Planning: Planning for death to find the assets to whom you need, when you want, how you want, with the smallest amount of taxes and legal penalties possible.
Elder Law: Planning for handicap to acquire the persons you would like to handle your affairs and also safeguard your assets from being depleted for long-term care. Estate Planning Worksheets will be your records for your plan offer.
Introduction to Estate Planning and Elder Law
Practicing estate planning and elder law is among the most enjoyable and professionally rewarding livelihoods a lawyer can select. Imagine a clinic place where your clients treat you with courtesy and kindness and respect your knowledge. They tell their friends how much they’ve enjoyed working with you and your company and pay your fees in a timely fashion. At precisely the same time, you are rarely facing the pressure of a deadline, an attorney that is much less on the other side of an issue trying to best you. In most instances, you’re acting in the capacity of a counselor in law (trusted adviser ) instead of an attorney in law (professional representative).
We spend our days meeting clients, discussing their lives and their families, and addressing their fears and concerns. Through our knowledge, experience training, and creativity, we craft solutions, sometimes elegant ones, and economically as possible. At precisely the same time, we also seek to protect those assets from being depleted by taxation, legal fees, and nursing home costs.
The result of this process is a client who feels secure and safe in the knowledge which, in the event of disability or death, they have all their bases covered. Having attained reassurance that their future is planned and in great hands, they could get on with the business of enjoying their lives. For your attorney, a satisfied and happy customer has been added to the clinic and another lifelong and mutually profitable relationship has started. Let us look at techniques and the strategies we use to achieve this state of affairs.
Major Issues Facing Senior Clients Today
One of the ways we help customers is in setting up a comprehensive plan so they may avoid court proceeding upon departure or in the event of a disability. Trusts are used rather than wills for older persons since they do not need court proceedings to settle the estate. Trusts prevent the probate proceedings required for property owned in a different state. This conserves the family time in settling the estate as well as the costs of legal proceedings. Additionally, since living trusts take effect during the grantor’s life, the customer might stipulate which persons take over at the event of their handicap. Planning helps maintain control with advisors or in the household and avoids a situation that might not be in the client’s best interest. By way of example, in the event of a disability, an application to the court may be required to be able to have a guardian appointed for the individual. This might not be the individual the customer would have selected. In such a circumstance, assets might not be transferred to protect them from being spent down for nursing home costs without court consent, which might or might not be granted.
Another area in which we help the customer is in saving estate taxes, both state and national, for married couples using the two-trust technique. Assets are split as equally as practicable the spouse’s trusts between each. While the surviving partner has the use and enjoyment of the deceased spouse’s trust, the assets of the trust bypass the estate of the surviving spouse and go directly to the named beneficiaries when the second partner dies. Tens to hundreds of thousands of dollars, or even more, in estate taxes might be saved, depending on how big their estate. What’s more, the revocable living trust avoids were the clients to save estate taxes as the couple’s estate must be settled following the passing of each partner. We help to protect assets from being depleted because of nursing home costs. Irrevocable Medicaid trusts could be established, subject to a five-year look-back interval, from having to be spent down because of the high cost of nursing home care, to safeguard the client’s house and other assets. We utilize transport principles and Medicaid assets to safeguard resources in the event a client needs nursing home care but has done no pre-planning. Significant assets may be protected despite the five-year look-back if the customer could be on the nursing house doorstep through using Medicaid qualifying annuities, promissory notes, and care and housing agreements. Right here, you can learn more about the estate plans.