ESTATE CONSIDERATIONS
While we do not give legal advice or tax advice, we’ve formed relationships with elder law attorneys we can refer in order to better serve our current and prospective clients. Together, we’re be able to address estate considerations to help protect, preserve and pass on assets while you maintain choice and control. This can help you mitigate the tax implication to heirs.
There are several components to an estate. They can include a Will, Power Of Attorney or POA, and a Living Will or Health-Care Proxy (medical POA). In some cases, a trust may be a consideration. Most people are not aware of the many dangers of doing nothing.
IN THE ABSENCE OF A PROPERLY PREPARED AND EXECUTED WILL OR OTHER ESTATE DOCUMENTS, PEOPLE FIND THEMSELVES SURRENDERING THEIR RIGHTS OVER TO THE STATE.
Why consider legal documents with your estate?
– To determine who gets what we leave behind at death
– To determine who will manage our affairs at death
– To determine who will raise our children in our absence
– To minimize unnecessary expenses for our loved ones
– To minimize or eliminate delays in distribution
– To maintain privacy
– To eliminate disputes and disagreements
– To maintain control if we become incapacitated
– To preserve our assets if we become incapacitated
– To make sure our health care wishes are carried out if we are incapacitated
What does a Will allow you to accomplish?
– You determine who will get what you leave behind, instead of leaving that decision to the state.
– You determine who will manage your affairs
– You decide who is best suited to raise your children
WITHOUT THE BENEFIT OF A WILL THAT APPOINTS GUARDIANS FOR YOUR CHILDREN, A JUDGE WHO DOES NOT HAVE THE BENEFIT OF YOUR INPUT MUST DECIDE WHO WILL RAISE YOUR CHILDREN. THEY ARE SUBJECT TO BE IN FOSTER HOMES UNTIL THE FINAL DECISION IS MADE, AND SOMETIMES, BROTHERS AND SISTERS ARE SEPARATED. YOUR WILL ALSO WORKS WITH THE OTHER ELEMENTS THAT ADDRESS YOUR ESTATE TO YOU ACHIEVE YOUR GOALS.
