Something everyone should have
If you don’t have an estate plan, the government has written one for you, whether you are alive but incapacitated and unable to make medical and financial decisions, or deceased and having your assets taxed by the revenue department, taken for reimbursement by human services, and then distributed by a court.
If your estate plan is out-of-date with your current situation, or your estate plan was drafted by an online service, or a lawyer that doesn’t focus on estate planning, your health care decisions and financial well-being are likely in jeopardy.
For new estate planning clients, this is your chance to take control and tell your life story through your Estate Plan. For prior estate planning clients, it is always a good time to update your estate plan and further define your legacy.
The Big 3
of ESTATE PLANNING
if you don’t have these covered, you don’t have an estate plan
“The Big 3 of Estate Planning” is proprietary to our firm as we cover all facets to have a successful Estate Plan for our clients.
This includes (1) avoiding court probate, (2) minimizing or eliminating estate taxes, and (3) planning for future Medical Assistance should it become necessary.
Many estate planners, and virtually all do-it-yourself online services, fail to cover all of these issues, and some don’t cover any of them. If your estate plan doesn’t cover “The Big 3,” you don’t have an estate plan.
Our Process
Our process can best be described as:
- Knowing you!
- Knowing your numbers.
- Reaching your goals.
It will also include explaining to you legal concepts and what ideas are possible. I want you to feel open and comfortable throughout the process so we can address your concerns and goals. You will hear me repeatedly say during my representation, “There are no silly questions.”
Running your asset and income numbers is critical to determine if you are exposed to an expensive and time-consuming court probate; you will have a future estate tax; or medical assistance could drain your assets and income. Numbers alone are not determinative of your estate plan.
Reaching your goals should merge asset and income numbers with managing and distributing your assets in a way that best honors your wishes. A global approach is what estate planning is all about in my office.
Lifetime Inventory
Clients are usually amazed at what they own, or do not own. A comprehensive review and search of your assets will often reveal accounts or items you forgot. It will also confirm your beneficiary designations, which many clients are surprised to find are incomplete. Value of assets also surprises many clients as this is critical to a full understanding of your estate and how to best plan it.
Calculations
Our proprietary process is comprehensive and based on two specialty law degrees, one in taxation and another in elder law and estate planning. We run calculations designed so you have multiple options thoroughly explained for your best choices.
Other law firms and on-line services rarely, if ever, prepare any calculations for an estate plan. You do not have an estate plan without knowing your exposure to court probate, estate tax, and Medical Assistance.
Strategic Planning
Comprehensive estate planning is not a linear approach. Proper drafting requires going beyond your agents and beneficiaries.
- Will your proposed agents be able to serve?
- Will your beneficiaries be able to utilize assets?
- Could a contingency create minor beneficiaries and court involvement?
- Do your beneficiary designations have unintended consequences that could impact individuals or assets?
We map out the practical implications of your estate plan so it works properly when it needs to in the future.
Continual Updates
Life happens. So do changes in the law. Estate planning is a constantly moving target. Every 2 to 5 years it is advisable to review your estate plan. It can be surprising who is new in your life, who you lose touch with, and what assets you have acquired or sold.
Lawmakers at the federal and state level have a habit of changing laws. Sometimes there are legal changes to protect society. Many times, the government wants to raise revenue by changing tax regulations. Regularly, the government changes qualifications for Medical Assistance.
Not all Documents are the same
Our drafting starts with our memberships in Wealth Counsel and Elder Counsel. Both are national attorney groups that focus on estate planning and elder law that share documents, practice efficiencies, training, and resources. Documents are continually updated to comply with new laws. Research and support are provided during the drafting process for the most advantageous treatment of our clients.
Our work product is not cookie-cutter and will be tailored to your needs and the needs of your loved ones. I routinely craft individualized provisions for specific gifts, distribution provisions, and tax treatment of specific assets.
Trust
A vessel to hold your assets for future management through all life stages and after death without court probate. Most Trusts are managed by the person who created the Trust during their lifetime. A successor Trustee steps in during incapacity or at death to protect your assets.
Will
Written instructions to guide the court should an asset need court supervision to change title at death. If you do not have this document the court will follow state statute in naming your agents and distributing your assets.
Power of Attorney
Empowers your agent to make specified financial decisions anytime during your lifetime. The power of this document ends at death. Without this document your loved ones will be forced to a court conservatorship to manage your financial affairs.
Health Care Directive
Empowers your agent to make healthcare decisions if you are incapacitated, and allows you to provide written instructions to guide your agent in making those decisions. Without this document your loved ones will be forced to a court guardianship to make healthcare decisions on your behalf.
HIPAA Authorization
This allows your agents to obtain medical information to assist in your care, and commonly accompanies a Health Care Directive.
Personal Property Memorandum
If properly drafted in conjunction with a Trust or Will, this document can distribute your personal effects that do not have title (i.e. jewelry, artwork, heirlooms, antiques) to people you specify.
Digital Asset Authorization
Most social media and digital financial accounts require documentation for an agent to manage or discontinue the digital asset or account. The Authorization specifies a grant of this authority to your agents.
Memorial Instructions
Instead of your loved ones guessing what type of memorial you want, and what to do with your body at death, you can specify exactly what you would like to happen at your eventual passing. Our Memorial Instructions cover most topics needed for funeral home directors.
Personal Protection
If you don’t create an estate plan, the government has written a plan for you. It is very doubtful state statute will honor your wishes. No estate planning, or a poorly crafted estate plan, has the following negative impacts.
IF YOU ARE INCAPACITATED:
- Health care decisions could be made contrary to your wishes by a court appointed guardian.
- Financial decisions could hurt your assets and income by a court appointed conservator.
AT DEATH:
- Your estate will have months of court proceedings and thousands of dollars in legal expenses.
- State statute will not prevent an estate tax bill.
- Medical Assistance will take all of your assets for reimbursement.
Do not leave your future up to the government and the court system. A well-crafted estate plan should eliminate all of these issues.
