Anderson Elder Law - Estate Planning
Life takes unexpected turns. Incapacitation or end of life may make it difficult or impossible for you to communicate your wishes regarding your property, assets, long term care, and medical treatment. This is why it is essential to have the proper planning in place before you need it.
You may be wondering:
- What is a Living Trust? Is it right for me?
- What taxes will apply to my estate after my death?
- How can I minimize the taxes for my estate?
- How should I plan for my minor or disabled children or grandchildren?
- Should I list my estate as beneficiary of my retirement accounts?
- Do I need a Power of Attorney if I am married?
- What is an Advance Directive and why is it important?
- Who has the authority to make end-of-life decisions for another person?
We will be able to answer these questions and many more when you come for a working consultation at our office. We will then draft up the specific documents that you require. These may include:
We will help you to draft a Will that stipulates your specific desires regarding the division of your assets and the handling of your estate. This allows beneficiaries of your Will to avoid conflict and costly negotiations down the road, as well as insuring that your wishes are known and acted upon. We consider all circumstances when drafting your Will, including tax considerations and complicated beneficiary situations.
General Durable Powers of Attorney
We will also help you legally designate who you wish to be the Power of Attorney for yourself or a family member for managing financial affairs. This document allows your chosen agent to act on your behalf for a wide variety of financial matters if you are unable to do so. A carefully drafted Power of Attorney will give you peace of mind, insuring you know that critical decisions regarding your well-being are always in good hands.
Trusts are useful, although often complicated, legal tools that we often use in well-executed estate plans. Trusts allow more flexibility with regards to the distribution of your assets. For instance, setting up a trust may be a wise decision when planning for specific circumstances such as minor and special needs family members, second marriages, or asset protection for you, your spouse, or your children.
Advance Directives and Health Care Powers of Attorney
We also include an Advance Directive and/or a Health Care POA in your estate plan. An Advance Directive is an important document that stipulates your end-of-life health care wishes, such as whether you want to continue living on artificial life support if you are at end of life. A properly drafted Advance Directive will take the weighty burden of these sensitive decisions, if ever necessary, off of your loved ones. A well-executed Health Care Power of Attorney is equally vital to insure that your loved ones are able to as your advocate in health care situations.