Estate Planning Archives - Page 4 of 7

Estate Planning

Can I Add An Asset To My Trust At Any Time?

October 31, 2019/in Estate Planning

Absolutely, you can add assets to a trust at any time. This can be done by titling the asset from your name into the trust name. The only consideration is to make sure that you’re not titling assets in a trust name that are better left to just changing a beneficiary designation.

Is there any look back period for putting assets into a trust?

Yes, the largest look back period for putting assets into a trust is with Medicaid. As people get older and are thinking about their retirement, they are thinking about Medicare, Medicaid and social security. One of the things that you have to remember is that Medicaid has a five-year look back period. In essence, that means that any asset that’s transferred into a trust in that preceding five-year period is subject to what they call a penalty. A penalty means that you cannot transfer that asset in and qualify for Medicaid until you have absorbed that amount that was transferred in the five years.

Now, if you’ve transferred any asset into your trust longer than five years before you applied for Medicaid, then this does not apply, but if you’re in that five-year window, every jurisdiction has what they call a penalty divisor. This means that they set a rate for that divisor and divide the assets that have been placed in the trust in the last five years. It is a calculation that will give you the number of months that you’re not eligible for Medicaid due to the look back period. When you are setting up a trust and considering applying for Medicaid, you want to make sure that you understand what the penalty is.

What is the process of actually funding a trust?

When you consult with an estate planning attorney, one of the things that they will do is create a comprehensive list of assets that the trust maker has. Once you’ve decided the type of trust that you want established and have the list of assets that are to be re-titled, then you use your list as a guide to begin the process of re-titling, whether that’s in the case of re-titling objects, changing a beneficiary designation on a life insurance policy, or going to the recorder of deeds and changing the ownership of real estate from your name to the trust name.

Is funding a trust a simple process or can it get complex?

The difficult part of funding a trust is identifying all of the assets, identifying what trust is best serving the client’s purposes, and deciding which assets are going to go to the trust. Once that’s done, the majority of the work is administrative.

Is real estate handled differently when funding a trust?

Yes, real estate is an asset that everybody initially thinks about when they are talking about a trust. The goal is to avoid probating the real estate. The trust is an entity that goes on after the trust-maker has passed or is deceased; therefore, by putting real estate into a trust, you are changing the owner of the real estate. Anything that you would normally have to do to change the ownership of your house would apply, because you would need to create a new deed and file it with the recorder of deeds.

There is usually a transfer tax or a stamp tax that applies. In this case, almost all states have an exemption because you’re transferring the real estate from an owner to a trust controlled by that owner.

For more information on Adding Assets To A Trust In South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 982-5930 today.

Advantages of Avoiding Probate

October 31, 2019/in Estate Planning

There are several important advantages that come from avoiding the probate process. First, time. If you are the owner of a small business that you intend to pass along to a family member, this can be especially important. Probate puts everything in a state of limbo, sometimes leading to long delays before important business decisions can be made. Uncertainty and a lack of legal authority can make it difficult, if not impossible, to keep a business running, which is why many business owners take steps to ensure their business passes outside the probate system.

Another advantage to avoiding probate is saving money. Probate is a court process and court costs needs to be paid. Usually the amount of money is relatively small, but complicated cases can become quite costly, especially if experts or other third parties become involved.

A final advantage of avoiding probate is the lack of public disclosure. The probate process takes place in the court system and, as such, is open to the public. That means that the person’s will, the final property allocation, and anything else related to the administration of the estate will become matters of public record, available for anyone to read. These deeply personal and financial matters are obviously sensitive and many people would prefer to keep things private.

What is Probate?

Probate is technically the legal mechanism by which title to property of a recently deceased person is transferred to his or her heirs. The goal of probate is to ensure that every possible claim against the estate and those owing to the estate has been settled and that title has been given to the rightful heirs. This can be a lengthy process in some especially complicated cases, and the goal is to ensure that when all’s said and done, an estate can be wrapped up without lingering disputes.

Does everything go through probate?

The short answer is no, not everything a person owns goes through probate. These assets pass through other avenues, such as payable-on-death accounts or beneficiary designations. Examples of assets that do not pass through the probate system include property that has been transferred into a trust, life insurance proceeds, retirement funds, money in payable-on-death bank accounts, and property that is owned with someone else as a joint tenant.

10 Steps to a Knockout Estate Plan

September 16, 2019/in Estate Planning, Resources

Nobody likes thinking about what will happen after they’re gone. Estate planning is essential, though, especially if you want to make sure your loved ones are adequately cared for after you’ve passed away.

Even though most people agree that estate planning is important, only about 40 percent of adults in the U.S. have some kind of will or living trust in place.

Are you part of this group? If not, what’s holding you back?

If you have no idea where to begin, why not start with some estate planning basics.

Read on to learn 10 estate planning tips that will help you create the perfect estate plan for yourself and your loved ones.

1. Start with a Will

If you haven’t done any kind of estate planning yet, a will is a great place to start.

As soon as you can, make arrangements to sit down with an estate planning attorney and work with them to put together a last will and testament.

If you die without a will, the state will distribute your assets according to their inheritance laws. This is known as dying intestate.

If you want to avoid this and have control over the distribution of your assets (as most people do), you need to write out exactly how you want your beneficiaries to receive them.

2. Provide for Minor Children

The next step is to ensure you provide for your minor children. Use your will to appoint a guardian for them if you and their other parent both pass away.

Remember that your minor children will also need someone appointed who can handle their inherited property or assets.

Appoint someone you trust to handle all their financial affairs and make sure their money is taken care of. It could be the same person appointed as their guardian or someone else entirely.

3. Create a Living Will

A living will is a document that provides information about the care you want to receive in the event that you become incapacitated and cannot communicate.

This document (sometimes referred to as an advanced directive) includes instructions on whether you want doctors to use life-sustaining measures like breathing tubes and feeding tubes.

4. Create a Power of Attorney

A power of attorney (POA) gives someone the authority to make decisions for you if you’re unable.

Some people give a power of attorney for their health care and another to handle their financial matters. Others use the same person to handle everything.

5. Consider a Living Trust

If you want your assets to avoid going through probate, a living trust might be a good option to consider.

Through a living trust, your assets go into a trust during your lifetime. At the time of your death, these assets are transferred to beneficiaries that you designate by a representative you choose, known as a successor trustee.

A living trust can help your loved ones save time and money and receive what’s been left for them sooner.

6. Purchase Life Insurance

If you don’t already have life insurance, now is a good time to purchase it. This is especially important if you have minor children and/or own your home.

Life insurance can also be helpful if you anticipate having to pay a lot of debt or estate taxes. It will ensure that your beneficiaries can still receive what’s theirs without having to use a portion of their inheritance to pay off any debts you leave behind.

7. Name a Beneficiary on Your Bank Accounts

When you’re making plans for the future, it’s a good idea to name a beneficiary on your bank and retirement accounts.

If you do this, your bank can transfer those funds to the beneficiary automatically after your death. They won’t have to go through probate, which helps to save your beneficiaries time and money.

8. Handle Estate Tax Obligations

The majority of estates will not owe any kind of federal estate tax. If your estate is worth more than $11,180,000, though, it will be subject to these taxes.

Make sure your bases are covered if your estate is worth an amount close to this number (or if you suspect it will be at the time of your death).

Learn about any state taxes that you might have to pay as well (these can differ from the federal regulations.

9. Gather Paperwork and Other Important Information

Make sure you have all the paperwork associated with your estate stored in one place. Keep it in a folder or binder, then store then binder in a locked safe or another safe place.

Let the executor of your estate, as well as your power of attorney, know where they can find these documents.

Remember to store your digital information in this folder or binder as well. Write down passwords to all your online accounts so that your descendants can access them and handle them according to your instructions.

10. Leave a Personal Letter

You may also want to write a more personal letter to your loved ones before you go. Often, people want to leave behind messages that don’t necessarily belong in a will or other legal document.

Leave behind a letter that details the type of funeral arrangements you’d like or to list sentimental items that you want to leave to certain family members or loved ones.

Give this letter to someone you trust, such as a relative, a friend, or your attorney, so they can pass it along to your loved ones when the time comes.

Move Beyond Estate Planning Basics

These 10 estate planning tips ought to be sufficient when it comes to setting up an estate plan that works for you and your loved ones.

What if you need to move beyond estate planning basics, though?

If you need additional help setting up your estate or handling other matters related to your will, we can help.

We’ll get back to you within one business day so you can start planning for the future as soon as possible.

What is a Living Will and Why is it Important to Have One?

May 15, 2019/in Estate Planning, Resources

63% of American adults do not have a complete living will directive for their end of life care.

Unfortunately, the circumstances that make a living will necessary are not only confined to the older generation. This makes it important for every adult, to think about, and prepare one.

So then, what is a living will? When is it used and why is it important? Read on to find out.

What is a Living Will?

A living will is also referred to as an advance directive or a healthcare directive.
This document stipulates the kind of healthcare you would want or would not wish to receive, in the event that you are unable to communicate your wishes.

This can be as a result of a terminal illness or the aftermath of severe injuries that render you unconscious, comatose or otherwise unable to represent yourself.

Under these circumstances, hospitals consult your living testament to determine several things.

Some of these decisions include if you would want to be placed on life-sustaining treatment such as tube feeding and breathing support.

In the absence of an advance directive, doctors then consult your kin and other third parties to make medical decisions on your behalf.

These individuals may not follow the instructions you gave them verbatim. If you had not addressed the issues clearly, they might be unaware of what you would want.

Why Is a Living Will Important?

A living testament ensures that your healthcare is handled as you would wish. If for example, you would not want to be placed on life support, your living will would ensure that this does not happen.

In the event that you are terminally ill or severely injured, some decisions, though best for you might be extremely difficult for your family to make.

However, outlining these decisions makes it much easier for your family to comply, and takes the burden off their shoulders.

When Does It Come into Play?

A living will is only referred to if you are unconscious, terminally ill or suffer a severe injury which compromises your ability to articulate yourself.

Doctors do not consult it for a standard level of care that is not life-threatening.
Each state provides for the drafting of an advance directive.

Some allow you to prepare a customized, detailed will, while others give you a standard form to fill in.

Contents of Living Will

An advance directive addresses the most common medical procedures present in life-threatening situations. These include dialysis, resuscitation via electric shock and ventilation.

You can choose to forego all of these procedures or allow some and decline others. You can also refuse some life-sustaining procedures, but outline your desire to receive pain medication throughout your final days or hours.

Another thing you can include here is whether you would like to become a tissue and organ donor after death.

Most states allow people to extend their living will to address a situation where there is no brain activity.

The same applies in situations where doctors expect you to remain in a vegetative state for the rest of your life, with or without a preceding terminal illness.

Living Will vs Healthcare Proxy

While a living will covers medical decisions, a healthcare proxy is someone you give your healthcare power of attorney. A healthcare proxy has the authority to consult with doctors on issues regarding other arising medical issues.

This person can be the go-between between the doctors, family and yourself.
For this reason, the person you choose as a proxy should have a thorough understanding of what your wishes are.

Aside from this, they should be comfortable enough with your instructions to have them implemented to the letter.

Limits of a Living Will

One of the limits of a living will is that you cannot nominate a different individual to make medical decisions on your behalf.

Secondly, it cannot block doctors from providing basic healthcare as well as basic provisions of food and water.

Your medical plan will also strictly adhere to what has been outlined in the document. Anything that is not addressed will be left to your doctor to act in your best interest.

Similarly, if any clauses in your document are open to interpretation, its enforceability can be affected. This is the main reason why you need to prepare your living testament with the help of an attorney.

It is imperative to include as many details as possible, in the clearest manner possible.

Things to Address in Your Living Will

In determining your directives, think about your values and the circumstances under which your life would not be worth living anymore.

Would you want your life extended under all circumstances? Or would you want your life extended only if there was a cure? And in either case, for how long?

Your living will should address such issues in detail. Here are some of the main concerns to discuss with your doctor and to address in your living will.

• Cardiovascular resuscitation (CPR)
• Tube feeding
• Dialysis
• Mechanical ventilation
• Antibiotics or antiretroviral medication
• Organ and tissue donation
• Palliative care
• Donating your body for scientific studies

The Do Not Resuscitate or DNR order is the most common instruction when it comes to healthcare. You do not have to have this in your living will, although you can.

However, notify your doctor of this wish so they can include it in your medical records. Do this with your attending doctors each time you visit a hospital as well.

Ultimately

Hopefully, the question of, “What is a living will?” has been well answered. in this article.

When you are satisfied that your living will is representative of what you want, have a copy with your doctor and discuss it with your kin.

Again, have the original copies in a safe but accessible place as well. It will be of no good if your will cannot be located for implementation.

You may also have a wallet-sized card with you at all times stating where your advance health directives can be found, as well your primary doctor.

At De Bruin Law firm, we help people think through the process and draft clear, enforceable healthcare directives. Would you like to get started on yours? Contact us today for more information on how we can assist you.

Do I Need a Will? Who Needs a Will and When

January 29, 2019/in Estate Planning, Resources

A recent survey revealed that 78% of millennials (ages 18-36,) and 64% of Gen X-ers (ages 37-52,) do not have a will.

By contrast, 81% of those ages 72 or older, and 58% of baby boomers (ages 53-71,) do have a document in place to ensure proper distribution of funds in the event that they pass.

In your 20s and 30s, creating a will may seem like a morbid subject that isn’t worth visiting yet. Some young people don’t believe they have enough assets to make writing a will worth it. Many live with their parents and still have student loans.

You may have asked yourself, “Do I need a will if I haven’t even reached my 40s yet?” The answer is likely “yes,” for a few important reasons. Let’s review.

Importance of an Executor

When someone dies intestate, or without a will, the estate goes into probate, with a judge deciding who should be the rightful heirs to your assets.

If you are young and single but have a positive net worth, you will want to have a document in place to manage the distribution of your assets. If you don’t own anything, however, a will is not necessary.

You may have named a beneficiary for your life insurance, retirement accounts, or property, which will ensure that they will inherit these assets or continue to benefit from them even if you are not here.

For physical assets, however, like a house, car, or electronics, you will need a will. The document will designate which individuals or organizations will own your property.

You will also want to consider your investments, 401k, life insurance, and ownership in businesses, all of which will need to be allocated.

Your executor should be someone you trust to see that your orders are carried out according to your wishes. Consider spouses, close family members, or clergymen when choosing an honest, responsible executor for your assets.

If you are an unmarried couple living together, do not assume that your will is going to be bequeathed to your partner once you are gone. It is important to put this information in writing to save your loved ones time and frustration.

Many folks choose to put a “no contest” clause in their will. This provision ensures that anyone who argues about their inheritance will not receive anything. It is a simple way to ensure that your assets are not creating a constant battle after you have gone.

If You Have Children

A will can allow you to establish a guardian for any minor children if you cannot care for them. It can also establish a custodian for any elderly or disabled family members who are unable to make financial decisions.

A will can also dictate a means for distributing property among your minor children. If you don’t put a plan in writing, they will receive their inheritance in one lump sum when they turn 18. A will allows you to set up payments at regular intervals to help adult children manage their finances more responsibly while they are young.

If you make your elderly parents the primary beneficiaries of your will, they may become ineligible for government assistance. You will want to put a key provision in that establishes monthly payments for their inheritance, rather than a lump sum.

A trust for your pet can also be established. You can choose someone to take care of them and allocate funds to meet their daily needs.

A Living Will

While a standard will provides for proper distribution of assets in the event of your death, a living will makes provisions in the event that you are alive but unable to make decisions yourself.

A Living Will allows you to establish someone as your Power of Attorney to make decisions about your medical treatment if you are terminally ill or in an ongoing vegetative state. It gives them the power to stop, give, or withhold medical treatments or procedures, including life-sustaining ones, if you put your wishes in writing beforehand.

You can select a friend or family member to act as your power of attorney by completing a fill-in-the-blank form, which many states provide for free. It will need to be signed in front of a notary for a small fee.

Preparing Your Will

Before preparing your will, you will need to collect paperwork confirming your assets, including real estate, 401K, life insurance, and vehicles. You will also want to keep a list of your debts, including mortgages, car loans, business loans, and credit card accounts.

Before you begin planning, develop a list of the names, addresses, and birthdates of your beneficiaries.

Some software, such as Quicken Willmaker Plus, can be purchased for around $50. It can help you to create a Standard Will, Living Will, Bypass Trust, or Financial Power of Attorney.

At a minimum, you should appoint a guardian for your children, designate an executor, and establish how you want your property distributed.

If you are uncomfortable with legal documents or have a complicated estate, you will want to enlist the help of an estate planning attorney. They may work alongside a CPA to develop maximum protection for your assets.

Do I Need a Will?

You may feel you are too young to ask the question “Do I need a will?” However, if you have any dependents, property, or money in savings, it is important to have the peace of mind that it will be managed appropriately.

For more information, contact us today.

What Is a Guardian vs Power of Attorney? Your End of Life Titles Guide

January 18, 2019/in Estate Planning, Resources

We’ve all heard how important it is to have an estate plan and a will. But what about before that? How do you know your affairs will be taken care of when your mind starts to fade?

This is where a guardianship or power of attorney comes in. But what is a guardian and how is it different from a power of attorney? How do these two things help you and how do you know which one you need?

An easy way to know the difference between a guardianship and a power of attorney is this: A power of attorney is made by a person of sound mind so that a guardianship will not become necessary later on.

Now there is a bit more to these two legal documents, so we are going to go more in depth.

What Is a Guardian?

A guardian is someone appointed by the court to make decisions for someone who has been deemed incapacitated. This means that the person is mentally or physically impaired to the point where they can no longer make responsible decisions for themselves.

Limited Guardianship

The court can limit the guardian’s power to only be related to the incapacitated person’s specific needs. Not everyone needs what is called a full guardianship where the guardian has full control.

For example, the guardian may be responsible for making decisions when it related to medical care, or education, or housing. Limiting the guardian’s power allows the incapacitated person to keep some of their independence.

Conservatorship

This is similar to a guardian, but a conservator manages the incapacitated person’s estate and affairs. The court will appoint this person like they would a guardian.

Unlike a guardian though, a conservator will need to report to the court in greater detail.

What Is a Power of Attorney?

If you need someone to manage your affairs because you are not mentally or physically able to then you need to create a power of attorney. Most people will include this document as a part of their estate planning.

There are a few different types of power of attorney that you can create. The one you choose will depend on your particular need and situation.

Typical Powers Awarded

You need to create your power of attorney document when you are of sound mind. You cannot wait until you are no longer of sound mind as you cannot create contracts or enforceable legal documents while you are incapacitated or physically not available to sign it.

A power of attorney is typically used to buy or sell real estate, manage financial matters, enter into contracts, buy life insurance, or manage stocks.

Optional Powers

If there is a specific purpose you wish to use the power of attorney for, you can create that power too. Some of the optional powers include giving the ability to make gifts, manage a business, hire professionals, or manage living trusts.

Durable POA

If you want to give someone the power to act after you have become incapacitated you need to make it a durable or enduring power of attorney. Otherwise, your agent can only do what you are capable of doing.

So if you are in a coma you can’t sign a contract. Neither can your power of attorney.

You can make any type of power of attorney that we are going to discuss durable. You just need to be careful because you are giving someone else the power to act on your behalf whether you are incapacitated or not.

This means they could act on your behalf without your knowledge. You can help prevent this by adding a clause that says the power of attorney won’t come into effect until your doctor declares you incapacitated.

Non-Durable POA

If you need a power of attorney for a specific project or for a specific period of time, you need a non-durable power of attorney. As soon as the task or time period ends, so does the power of attorney

Limited or Special POA

If you want your agent to carry out a specific task because you are unable, a limited power of attorney will help. You can create the power for a specific purpose such as collecting a debt, selling a property, or borrowing money.

Springing POA

If you sign a basic power of attorney, it will become effective the moment you sign it. This may not comply with your intentions though.

Instead, a springing power of attorney will only become effective after the occurrence of a specified event. You could make the trigger a specific date, or age, or when your doctor deems you incapacitated.

Medical POA

This is a very specific power of attorney that lets someone make medical care decisions for you. If you are planning on undergoing major surgery this is a vital document you need to create.

Keep in mind that you will need to let your power of attorney know your wishes. That way they can make the decisions that you want should you become incapacitated.

Most states won’t let you give this power to a medical provider or the facility’s employees.

Financial POA

If you want a particular person to manage your financial affairs, this is the power of attorney for you. In the event that you cannot manage your own affairs, your agent will step in.

Most people choose a trusted family member or their accountant.

Seek Legal Advice

If you want to have a say in how your affairs are managed, you need to create a power of attorney while you are present and of sound mind. Choose someone that you trust.

A guardianship is your solution if someone you love is already incapacitated and needs assistance in managing some or all of their affairs. If they didn’t create a power of attorney you can ask the court to step in and assign a guardian.

Now that we have gone over their differences and the different types you should no longer be wondering what is a guardian and power of attorney. Now all you need is to find a qualified legal professional to help you create your legal documents.

Reach out to our firm today for assistance in deciding if a guardianship or power of attorney is right for your situation.

4 Important Questions to Ask Before Making a Living Will

November 16, 2018/in Estate Planning, Resources

End of life care is very controversial, regardless of the fact that many people prefer to have the power to end their life however they choose. These are difficult and emotional conversations to have with the people you love, so it’s important to hash things out before they get difficult.

Making a living will is hard but necessary to do when you’re living with a potential illness or simply reaching an advanced age.

Here are four common questions that people have about living wills.

1. What Is an Advanced Healthcare Directive?

When you put together an advanced healthcare directive, you’re composing an outline and a contingency plan for what to do if your health fails. A living will describes what medical and treatment choices should be considered if you become very ill.

When you are too sick to make your own choices about your healthcare, it’s up to the executor of your estate, your spouse, or your next of kin to make choices. If you’ve put together a living will, you’re arming them with a document about what choices you would make. Rather than having to leave them guessing, you can guide them.

If you have ethical or personal preferences for end of life care, you can make that known now. If you’d prefer someone other than your spouse or partner make those decisions, you can appoint them. One of the reasons for a living will is the awareness that your loved ones might not be able to make those decisions.

For anyone who prefers not to be kept alive with an artificial breathing apparatus, that can be decided on a living will. A living will is important for determining who will be appointed with power of attorney in the event of illness.

2. When Does It Go Into Place?

If you appoint power of attorney to someone, you give them the ability to make your choices regarding healthcare. These documents will be written in language that physicians can understand clearly. They’ll outline which treatments you prefer and which you don’t.

If you’re incapacitated in such a way that you can’t consent to what you want or what treatment you prefer, you’ll need a document like this to communicate.

There are legal standards to determine when you’ll be considered able to communicate on your own. If you’re terminally ill or unconscious, doctors will use medical standards to determine your ability to consent. If you’re in a permanent coma, your living will can guide treatment.

Talk to the person who has your power of attorney and be sure they that understand what you’re requesting. Don’t leave anything up to question by being as clear as possible.

3. What If A Living Will Isn’t Created?

In the absence of a living will, every state has a plan in place. The person who will be appointed to make decisions for you will be described clearly by law.

For minors and children, the person with power of attorney is most likely going to be the parent or guardian. For married people, their spouse will be considered the “next of kin” by law.

When families are fractured or when members disagree about what should be done in response to medical care, this can cause problems. If you find that your family doesn’t agree with your decision to terminate life support under certain conditions, you need to appoint a third-party.

This can be a friend, an attorney, or a professional colleague depending on your relationship to them. You might prefer to choose someone who is able to make unemotional decisions based on a legal document. This is much easier for someone you have no familial relation to than someone you do.

Some people avoid a living will because of a misconception that it means no treatment will you’ll get. It means the exact opposite. With a living will, you’ll get all of the treatment that you require under the conditions of comfort and care that you hope for.

4. Can I Change My Mind?

Of course: you can change the person who is given the power of attorney whenever you’d like. So long as you’re clearly able to make decisions, you can change this person at any point.

As you get older or closer to the more dramatic symptoms of an illness, the ability of loved ones to make decisions will change. They might raise their doubts to you or bring up the fact that they could never “pull the plug”.

This is hard to hear if you’ve put your faith into them, but you should take them seriously. The people around you may need to have their name taken off these documents, as hard as that might be to take.

You’ll have to start by destroying old documents affording power of attorney to friends or family. You’ll then have to draw up new documents that get distributed to the new people with power of attorney.

New forms will then need to be quickly sent to relevant parties. Your healthcare provider, friends, family, and hospital will need the updated forms. This way you’ll be able to have changes made in time.

Your hospital or healthcare provider will be able to give you these documents. It’s smart to fill out these forms in advance. If you already have an attorney, they’ll be able to provide you with these forms in advance.

Making a Living Will Is a Struggle

Making a living will be the hardest part of your end of life care. Once it’s made, you can relax knowing that your care is administered the way that you demand it. Your living will is a way to reassure you that you’ll get everything you demand when it comes to getting the comfort you deserve.

If you need help putting together your living will, contact us for more tips.

5 Powerful Estate Planning Forms You Need Today

November 7, 2018/in Estate Planning, Resources

Thinking about death may be the last thing you want to do.

But maybe it’s the first thing you should do, going forward.

Research shows that over half of people in the United States do not have comprehensive estate plans in place. But that doesn’t mean you have to be a part of this statistic.

Estate planning forms protect you, your family, and all of your assets in the event of your death. And no matter how young you are, let’s face it — death can strike at any moment.

Here’s a rundown on five estate planning forms you shouldn’t go another day without.

Let’s get started!

1. Important Estate Planning Forms Include the Will

Last wills and testaments are legally binding documents that outline who will get certain assets of yours when you die.

Your will is one of the most essential parts of any estate plan. If you don’t have a will in place at the time of your passing, then your state will end up determining how your assets will be distributed.

In other words, the state gets the last say in what happens to the assets you’ve worked so hard to accumulate over the course of your life — not you.

This is a problem because you may, for instance, have certain individuals you’d like to exclude from the distribution of your assets. Or maybe you’d like to be extremely specific about which individuals should receive what.

In your will, it’s also critical that you appoint somebody to be your estate’s executor or your legal representative. This person will help with carrying out your wishes listed in your will.

Furthermore, if your children are minors, a will allows you to name a guardian for them when you pass away.

Keep in mind, though, that wills cover only probate property — property that must go through the court probate process. Other types of property — those with named beneficiaries — do not go through probates, such as life insurance, your 401(k) and your Individual Retirement Account.

2. Living Trust

Living trusts are also beneficial components of estate plans because a trust can help you with managing your estate not just after your death but also before it.

In addition, a trust can help your estate to avoid the probate process, which can be lengthy and costly.

With a trust, you’ll appoint somebody to serve as your trustee, who’ll manage the items you have in your trust. You’ll also name beneficiaries to receive the assets in your trust once you pass.

Setting up a trust can save your beneficiaries a great deal of money and time when you pass away. Some trusts also offer the advantage of coming with tax advantages for you and your beneficiaries. In addition, you can use a trust to protect your property from creditors so that you can qualify for Medicaid.

3. Financial Power of Attorney

Your financial power of attorney allows you to appoint somebody to handle your financial affairs in the event you become incapable of handling them yourself.

This is critical because if no power of attorney is set up, you’ll have no one to represent you. In this situation, a court could appoint a guardian or conservator to tackle your financial matters.

However, this court-appointed individual would constantly have to check with the court before making a move — an inconvenience that a power of attorney wouldn’t have to worry about. In addition, the person whom the court appoints may not necessarily be the type of person you’d like handling your affairs.

4. Advanced Health Care Directive

This document would be extremely important if you were ever to become incapable of making your own health care-related decisions.

An advanced health care directive establishes for you a living will, which documents which healthcare treatments you wish to receive or avoid when you near the end of your life.

For instance, let’s say you do not want to be resuscitated in certain circumstances. You can spell this out in your directive to make sure that your wishes are upheld.

5. Health Care Power of Attorney

This document allows you to designate somebody to serve as your representative if you cannot communicate decisions regarding your medical care.

Because this person essentially has your life in his or her hands, it’s paramount that you choose someone whom you trust to make decisions that are in your best interest.

Health care powers of attorney go farther than living wills in that they help people who are temporarily unconscious, for example. Meanwhile, living wills apply only to those who are permanently unconscious, terminally ill, or experiencing other types of end-stage conditions.

However, you could combine both of these types of documents into a single document.

Your health care power of attorney may be relatively broad or could explicitly limit the kinds of decisions that your chosen health care agent can make. It’s totally up to you.

How We Can Help

We are a leading law firm with extensive experience in helping clients to complete essential estate planning forms.

Many asset owners may be tempted to use do-it-yourself estate planning forms they find online. The problem with this is that you may fill out your forms incorrectly. On top of this, you may not effectuate your estate plan.

For instance, if you set up a trust, it’s not enough to simply draft a trust agreement. You also have to transfer your estate’s assets into your trust for it to work for you.

Because we understand the ins and outs of the estate planning process, you can rest assured that every “T” will be crossed and every “I” will be dotted with every document we create for you.

Get in touch with us to find out more about how we can help you to protect your property and loved ones’ best interests long term through well-thought-out estate planning.

Writing a Will? 10 Reasons You Need an Estate Attorney to Draft Your Estate Plan

September 10, 2018/in Estate Planning

Although there are many things you can DIY, a will is not one of them. Creating a will or estate plan is a complicated process. And even though you don’t have to hire a lawyer to create one, you’ll be glad if you do.

An estate attorney can help you navigate through the process and help you achieve your goals, so you can make sure your family is protected.

Here are 10 reasons why is a good idea to hire a lawyer.

1. They Know the Laws

Lawyers know the laws which why you need a lawyer when thinking about writing a will or estate planning.

Although it might seem like it’s easy to write down your wishes on your will or estate, there are very specific laws to what should be included in a will.

The last thing you want is for your family to have trouble with the will because a provision was missed.

Getting everything properly regulated on the will can save your family many problems in the long run.

2. It Gives You Control Over Your Properties

Some people might think a will is for rich individuals who own a lot of property, but this couldn’t be further from the truth.

Even if you only own one car or a house, you should protect it. If you don’t have an estate plan or a will, then you might leave your family fighting over what is yours.

What is worse, everything that once belonged to you will be in control of the state, who will determine who gets what.

Having a plan and a lawyer to help you with this is extremely important.

3. They Understand Complex Financial Issues

Having an estate plan or a will is not just about determining who gets your expensive jewelry, it’s also about determining many other financial responsibilities.

For example, who will pay your debts? Do you have a 401K or IRA account? Do you pay spousal support?

Those questions are one of the reasons why you need a lawyer when thinking about planning your will. They’re used to dealing with complex financial situations and can help you find a solution to those problems.

4. It Helps You Plan for The Unexpected

Although we all like to think we’ll make it to old age, life has other plans for us sometimes.

You never know when a tragedy might happen, so it’s important to get a lawyer who will help you think about the many possibilities.

A lawyer will help guide you through possible scenarios you never even thought about.

So you will be able to go day by day knowing you’re protected in case of the unexpected.

5. Avoid Paying Probate Costs

If you pass away without leaving a will, your estate is ceased by the state and has to go through the probate process.

This means, not only will your family has to deal with their grief, they will also have to spend some time in court.

If you get a lawyer to help you with your estate planning, you will be helping your family avoid probate court. Hiring lawyers and paying court fees will be financially taxing for them.

Consulting a lawyer to write your estate plan will give it more validity in front of a judge and save everyone time and money.

6. It Will Protect You In Case of an Incapacity

You have probably thought about who will get what in case of your death. But have you thought about who will make the decisions in case you’re incapacitated?

In the event of an accident or an illness that could lose your ability to make to make decisions for yourself, who would you designate?

A lawyer can present you with possible scenarios and you can figure out who you would give a power of attorney. If you wish to withdraw care in case you become paralyzed or need life support, you can talk about your wishes with your lawyer.

7. Your Family Will Be Protected

There’s nothing more scary to a spouse than thinking about their partner not being there for them.

When you create a will with your spouse and consult a lawyer, everyone will have peace of mind.

What if you’re the sole caregiver of your elderly parents? Thinking about you not being there for them is also a scary situation.

Fearing for the financial safety of your family is one of the reasons why you need a lawyer.

8. Your Family Is Growing

If you have started a family, you want to do everything in your power to make sure they’re protected.

The best way to do so if by leaving a plan behind in case anything happens to you. In case you’re no longer there for them, the last thing you want is for them to be and feel unprotected.

A lawyer can help you figure out who would get custody of your children and how to financially protect them in case of the unexpected.

9. What is The Size of the Estate?

Every estate is unique, and a one size fits all estate plan won’t do it justice. Lawyers have experience dealing with all kinds of estates and can offer you the best solutions to your problems.

Depending on the state where you live, you will have different taxes and expectations in the event you pass away. A lawyer can help you determine the best solution for your estate.

10. Someone to Help You Plan No Matter the Stage

Depending on your age and your assets, you will have more financial responsibilities. If you’re younger and don’t have a lot of assets, this doesn’t mean your estate is not important.

A lawyer can help you make an estate plan no matter the stage of your life. In fact, the sooner you start planning, the less work you will have to do at once.

Do You Need an Estate Attorney: The Bottom Line

If you’re thinking about creating a will, an estate attorney is essential to this process. They know and understand the law, they can help you no matter the size of your estate, and help you have peace of mind.

Are you in need of help with your estate planning? Visit us to learn more about our estate planning services.

How to Write a Living Will

September 4, 2018/in Estate Planning

Writing a living will isn’t exactly the most exciting thing in life to do, but it’s a necessary task to complete as you enter into old age. You never know which day will be your life, and you want to know when the day does come that your affairs are taken care of.

Part of this means leaving a clear set of wishes for your friends and loved ones to disperse your things. This is especially important if you have a large network of close people or if you have a lot of valuable assets. Maybe you have both, in which case, knowing how to write a living will is even more important.

Keep reading to find all the tips you need to get this done.

1. Write Your Wishes Down

Before you write the official document, make a rough draft. Write a simple list of all the things you have and the people you’d like to give them to once you pass.

Make sure you include everything no matter how big or small an object is. This includes your home, your car, your savings, furniture, collector’s items, and even your pets. You can break some assets up for a few people to share while others will have to go to one person.

Don’t forget your wishes can include details on how you’d like your funeral to be. You can also give some of your possessions to charitable organizations or large groups you’ve been involved in throughout your life – like alumni groups, community boards, or awareness communities.

2. Edit for Clarity

Once you have all your ideas laid out in front of you, you can start turning the list into something more formal. Make each bullet point you’ve written a line item in your living will. Don’t be afraid to include footnotes or comments wherever necessary.

In fact, this is encouraged. It provides a clear sense of direction, which is crucial to ensure that the ideas you have for your will are followed through. Remember, you won’t be around to offer insight when friends and family have to use your will.

As such, you have to get it right the first time. Imagine that a complete stranger read the document. If they did, would they be able to fully understand your wishes without any doubt?

3. Have a Witness

Another important part of writing a living will is to have a witness. This person also needs to sign off on your final draft. A witness can verify that you did indeed write your will and that no one else is making these decisions for you.

They cannot, however, interpret the will once you’re gone, which is why clarity is so important. If you like the thought of having someone offer guidance and direction when the matters of the will are being discussed, you have to officially authorize that individual.

4. Ask Someone Before You Authorize Them

Although authorizing someone to make decisions for you is a simple process, it can be a complex matter.

Think about it: you’re asking this person to fulfill your life’s last wishes. It’s a big task, especially if you give them little direction and just completely hand the reigns over. How are they supposed to know which decisions would please you the most?

You need to consider this matter carefully, then discuss it in full before authorizing someone. Not everyone is comfortable taking on such a big task. Not to mention, you want to choose someone who will be fair and straightforward to all the people in your life.

The last thing you want is to authorize an individual who is going to use personal preferences and experiences to determine who gets what. The person you authorize needs to be acting with your best interest in mind. And yes, this does matter even when you’re gone.

5. Leave Nothing to Interpretation

Whether you’re having trouble deciding who to leave your jewelry collection to or you don’t know if you want to authorize someone or not, you can’t leave anything up for interpretation. This will only create trouble, and who knows who will step up to fix it.

It’s up to you to ensure the post-death process goes well for all of your precious belongings. This includes your personal assets as well as the people in your life. When you learn how to write a living will, you’re really doing an act of service for the people you love.

A living will means there’s not much for people to figure out once you’re gone. Instead, you’ve done all the hard thinking for them and left clear, concise instructions for them to move forward.

If you’re worried about being redundant, remember, there’s no such thing as being to clear. It’s better to repeat things once or twice than to leave certain matters up to fate.

How to Write a Living Will: Get Legal Counsel

The final thing to consider when figuring out how to write a living will is whether or not you need professional advice. Here’s a tip: you do!

You need a lawyer at the very least. This person can help you ensure your wishes will be followed as desired. They’re there to offer you counsel while writing the will and to make it official once you’re done explaining everything.

Some people even go as far as to consult accountants and business partners when writing their will, too. This is a smart move if you’re involved in any sort of legal partnership or if you have a lot of assets to give away.

To access the legal counsel you need for your living will click here.