Estate planning is one of the most important steps you can take to ensure that your final health care and property wishes are honored. It’s a way to make a smooth transition into the golden years and is an essential component of most Life Care Plans. Life Care Planning is a new approach to the challenges created by long life and disability.
- Preparing wills, trusts, advance medical directives, living wills, and durable powers of attorney
- Preparing HIPAA medical information releases
- Preparing for the transition of wealth after death, minimizing the impact of estate taxes, and protecting estates from creditors and the creditors of the deceased's children
- Avoiding expenses that deplete the value of the estate passed on to heirs
- Insuring that property goes to the right heirs and inheritances are protected in the event that heirs get divorced
- Developing traditional and charitable gifting strategies
- Planning for life insurance payments, including irrevocable life insurance trusts
- Planning for marital deductions and exclusions
Estate plans ensure property will be transferred quickly, with as few legal issues as possible.
Estate plans that are drafted properly, also avoid probate, which can be a long and expensive process. Proper planning can also minimize the amount of taxes that may have to be paid at the time of death.