Estate planning has the potential to be a very complex process. As a result, it can be difficult to asset what estate planning terms a person needs. By focusing on some critical issues in estate planning topics, you will be able to create as strong an estate plan as possible. As a result, this article focuses on three of the most important issues that you should take into consideration when performing estate planning. It is also worth understanding the assistance of an experienced estate planning lawyer can be particularly valuable no matter what your estate planning goals are.
# 1 – Beneficiaries
A large number of estate disputes arise because there are arguments about who is entitled to be a beneficiary or who should obtain assets. In addition to wills or trusts that are used to transfer assets to beneficiaries, it is also important to create a number of other supporting documents including living wills, financial power of attorneys, and healthcare power of attorneys. These additional documents can answer important questions about beneficiaries including who will control how assets are received in case a person becomes incapacitated. To make sure that assets are properly transferred to beneficiaries, it is also often important to make sure that other estate planning documents are written including brokerage accounts, joint accounts, and individual accounts.
# 2 – Long Term Care
It is important for an estate plan to determine what will happen in case you become sick and require long term care. Even if you do not create a complex strategy, it is helpful to acquaint yourself with many of the important long term care concepts including elimination periods, restoration of benefits, and premium waivers. It is also important to understand the potential value in moving to an assisted living facility as opposed to remaining at the same place while you age. To gain an even better understanding of how long term care factors into your future, it is also often a wise idea to study government medical programs including Medicaid or the VA Program.
# 3 – Retirement Plans
Estate planning should be divided into a planning and a distribution stage. This means that before retirement, it is critical to build a good foundation concerning how assets will be transferred from a portfolio for expenses while stretching these assets as far as possible during the time that a person is retired. To make sure that these assets are properly distributed, it is often a good idea to make sure that adequate estate planning documents are written including living wills and power of attorneys. While preparing for both of these phases, it is a wise idea to avoid scams that might arise.
Speak with an Experienced Estate Planning Lawyer
No matter how old you are or the amount of the assets that you have, it is critical to create an estate plan. In creating an estate plan, it is often critical to obtain the assistance of an experienced estate planning lawyer. Contact Ettinger Law Firm today to schedule a free initial consultation.