Estate Planning
I help parents and grand-parents who are worried about protecting their family and making sure that the work they put in during their lifetime is passed on to their loved ones.
Why create an Estate Plan? Ask yourself this: Do I know what tomorrow holds? An Estate Plan is an active step towards ensuring that no matter what happens to you in the future, you are prepared with a plan that sets forth your wishes for your family to follow. What documents are involved in an Estate Plan?
1. Wills (Last Will and Testament)
2. Trusts (Revocable Living Trust)
4. Healthcare/Medical Power of Attorney
5. Living Will
Provides instructions for an Agent you designate as to whether to receive certain life-sustaining treatment. In this document, you are telling the Agent how you would like to be treated when you are undergoing medical treatment, and whether to use life-sustaining methods. This becomes effective upon signing, and is used only when you are incapacitated and cannot make decisions.
6. Special Needs Trust – A Special Needs Trust is established for an individual with a disability who is either planning on receiving public benefits (Medicaid, Social Security Income) or is already receiving benefits. The goal of a Special Needs Trust is to enrich and preserve an individual with a disability’s right to public benefits and to maintain their quality of life without jeopardizing their eligibility to receive benefits. There are a few types of Special Needs Trusts to consider:
a. 15.1 Trust - Trust assets are exempt, and no reimbursement to Medicaid when the special needs individual dies…just cannot be created by the person with a disability. It is created and funded during life or at the death of a special needs individual’s parents or other 3rd parties.
b. Supplemental Needs Payback Trust – also called - OBRA Payback Trust (d-4-A Trust)
6. Estate Plan Counseling – Do you have a previous Estate Plan or did you create your own Estate Plan? Great! Creating the documents is one step of the process, but you should always have an Attorney look over the documents you have drafted. As time passes, relationships change, family members pass away, and the laws change. Can you imagine your family later finding out that your Will is invalid or lacking the most important wishes you want to memorialize? I offer my counseling services as a way to assist you in reviewing your previously drafted Estate Plans, whether you drafted them yourself or had another attorney draft them for you.
Why create an Estate Plan? Ask yourself this: Do I know what tomorrow holds? An Estate Plan is an active step towards ensuring that no matter what happens to you in the future, you are prepared with a plan that sets forth your wishes for your family to follow. What documents are involved in an Estate Plan?
1. Wills (Last Will and Testament)
- Custom drafted to your specific wishes and needs;
- Control over how your assets and property are passed;
- Name someone you trust will follow your wishes as Executor;
- Appoint a Guardian if you have minor children (under 18 years old) or a disabled adult child;
- You can amend or change your Will as you please.
2. Trusts (Revocable Living Trust)
- Name a Trustee to be in charge of the Trust after you pass;
- Privacy of information (your estate does not have to pass through Probate);
- Control who the beneficiaries of your estate are;
- Take advantage of tax savings;
- Appoint a trusted Agent to act on your behalf for your financial affairs;
- Choose the level of decision-making authority that your Agent has;
- Decide when your Agent will have authority to act on your behalf;
- Avoid the need for a Guardianship court proceeding upon the occurrence of your incapacity;
- Save money, reduce stress, protect yourself and your family.
4. Healthcare/Medical Power of Attorney
- Appoint a trusted Agent to act on your behalf for your medical care and health care decisions;
- Permits doctors and nurses to respond quickly knowing that your Agent has legal authority;
- Make your wishes known about life-sustaining treatment and organ donation;
- Limit the level of decision-making authority that your Agent has;
- Avoid the need for a Guardianship court proceeding upon the occurrence of your incapacity;
- Save money, reduce stress, protect yourself and your family.
5. Living Will
Provides instructions for an Agent you designate as to whether to receive certain life-sustaining treatment. In this document, you are telling the Agent how you would like to be treated when you are undergoing medical treatment, and whether to use life-sustaining methods. This becomes effective upon signing, and is used only when you are incapacitated and cannot make decisions.
6. Special Needs Trust – A Special Needs Trust is established for an individual with a disability who is either planning on receiving public benefits (Medicaid, Social Security Income) or is already receiving benefits. The goal of a Special Needs Trust is to enrich and preserve an individual with a disability’s right to public benefits and to maintain their quality of life without jeopardizing their eligibility to receive benefits. There are a few types of Special Needs Trusts to consider:
a. 15.1 Trust - Trust assets are exempt, and no reimbursement to Medicaid when the special needs individual dies…just cannot be created by the person with a disability. It is created and funded during life or at the death of a special needs individual’s parents or other 3rd parties.
b. Supplemental Needs Payback Trust – also called - OBRA Payback Trust (d-4-A Trust)
6. Estate Plan Counseling – Do you have a previous Estate Plan or did you create your own Estate Plan? Great! Creating the documents is one step of the process, but you should always have an Attorney look over the documents you have drafted. As time passes, relationships change, family members pass away, and the laws change. Can you imagine your family later finding out that your Will is invalid or lacking the most important wishes you want to memorialize? I offer my counseling services as a way to assist you in reviewing your previously drafted Estate Plans, whether you drafted them yourself or had another attorney draft them for you.