An estate plan is a strategy for the distribution and protection of assets in the event of incapacitation or death. Any subject that deals with death can be uncomfortable to confront and there is a perception that wills and trusts are overly complicated, however, it is important to realize that if a death or incapacitation does occur, without proper planning, the cost will be exponentially greater for the immediate family and things may not work out as the deceased would have wished. Immediate family members do not automatically take over finances after a death and without a plan, the assets of the deceased are controlled by a probate court rather than a beneficiary, which can lead to estate taxing, judicial appointment of a third-party Administrator to handle assets, conflict among family members, or other costly and time-consuming processes. If you are married, have children, own property or other significant assets, it is critical that you devise an estate plan that ensures that your wishes are met and expenses are minimized.
Your Estate Plan may include a:
- Living will
- Power of Attorney
- Medical Power of Attorney
- Health care rights for physicians
- Advance Health Care Directive
- Life Insurance and retirement planning
- Litigation of disputes
Elder law is a branch of estate planning that deals with needs that arise from old age, specifically medical. It is important that you choose an attorney with experience in this field that understands the aging process and can properly plan for the future.
Besides those listed above, aspects of Elder law include:
- Social Security
- Disability claims
- Nursing home placement
- Mental health issues
We will sit down with you one-on-one, decide which features best fit with your goals and guide you through the documents needed to implement them. This may be a simple will or something more complex. Regardless, we will continue to work with your plan if it requires updating in the future. Your estate plan will not only provide security for your family and peace of mind for yourself, but often the savings in taxes and probate costs will far exceed those of developing it.
If you have further questions or are ready to set up your plan today contact the Law Office of Rudnick & Hosek, Ltd.