While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled. Providing for Incapacity If you become incapacitated, you won’t be able to manage your own financial affairs. Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated. The truth is that in order for others to be able to manage your finances, they must petition a court to declare you legally incompetent. This process can be lengthy, costly and stressful. Even if the court appoints the person you would have chosen, they may have to come back to the court every year and show how they are spending and investing each and every penny. If you want your family to be able to immediately take over for you, you must designate a person or persons that you trust in proper legal documents so that they will have the authority to withdraw money from your accounts, pay bills, take distributions from your IRAs, sell stocks, and refinance your home. A will does not take effect until you die and a power of attorney may be insufficient. In addition to planning for the financial aspect of your affairs during incapacity, you should establish a plan for your medical care. The law allows you to appoint someone you trust - for example, a family member or close friend to make decisions on your behalf about medical treatment options if you lose the ability to decide for yourself. You can do this by using a health care proxy where you designate the person to make such decisions. Avoiding Probate If you leave your estate to your loved ones using a will, everything you own will pass through probate. The process may be expensive, time-consuming and open to the public. The probate court is in control of the process in contested cases until the estate has been settled and distributed. If you are married and have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled. With proper planning, your assets can pass on to your loved ones without undergoing probate, in a manner that is quick, inexpensive and private. Providing for Minor Children It is important that your estate plan address issues regarding the upbringing of your children. If your children are young, you may want to consider implementing a plan that will allow your surviving spouse to devote more attention to your children, without the burden of work obligations. You may also want to provide for special counseling and resources for your spouse if you believe they lack the experience, mental capacity, or ability to handle financial and legal matters. You should also discuss with your attorney the possibility of both you and your spouse dying simultaneously, or within a short duration of time. A contingency plan should provide for persons you’d like to manage your assets as well as the guardian you’d like to nominate for the upbringing of your children. The person, or trustee in charge of the finances need not be the same person as the guardian. In fact, in many situations, you may want to purposely designate different persons to maintain a system of checks and balances and accountability. Otherwise, the decision as to who will manage your finances and raise your children will be left to a court of law. Even if you are lucky enough to have the person or persons you would have wanted selected by the court, they may have undue burdens and restrictions p
A well-crafted estate plan should provide for your loved ones in an effective and efficient manner by avoiding guardianship during your lifetime, probate at death, estate taxes and unnecessary delays. You should consult a qualified estate planning attorney to review your family and financial situation, your goals and explain the various options available to you.  Once your estate plan is in place, you will have peace of mind knowing that you have provided for yourself and your family in case the worst happens.
The Asset Protection Division focuses on vision casting with individuals who are eager to safeguard their hard-earned assets through the use of corporate entities such as Limited Liability Companies (LLC’s) and Limited Partnerships (LP’s) in order to provide consolidation, and protection to benefit their loved ones and beneficiaries.
Most people believe that Medicaid is only for poor people, but actually Medicaid is for everyone. We have all paid into the program during our working years. The Medicaid regulations are clear that as long as there have been no disqualifying transfers of assets in the five years prior to applying, one is potentially eligible for benefits. There are some defining perameters but most of the time can be easily met with the help of a qualified attorney. Medicaid planning seeks to accomplish the goal of qualifying otherwise eligible people for benefits by working within the rules, prepaying costs and making transfers of assets (i.e. between spouses) that create the shortest possible ineligibility periods for our clients.
Let’s admit it, most people view estate planning as something to be done by older people. Since it revolves around death, the stereotype is that you have to be old to have an estate plan. This is simply not true. Death is one of the top uncertainties in life and having a plan for your assets is not only smart because then you are sure of what will happen to your assets, but an estate plan is also a sign of compassion because it will take the stress off your family and loved ones.
Wills
In this particular case, a second wife filed suit against her deceased husband’s estate, and against her step children, for her spousal share. The deceased husband had created his Last Will and Testament decades earlier making his four children equal beneficiaries of his estate. When he passed away in 2015, his second wife of approximately two years of marriage petitioned the Probate and Family Court effectively nullifying his Will and award her one-third of the estate. The Court agreed while citing an elective share law dating back to 1783 protecting spouses from disinheritance.
Trusts
A Living Trust can be used to hold legal title to your assets and provide a mechanism to manage them. You (and your spouse, if married) are the trustee(s) and beneficiaries of your trust during your lifetime. You also designate successor trustees to carry out your instructions as you have provided in case of death or incapacity. Unlike a Will, a Trust usually becomes effective immediately and survives after incapacity or death. Your Living Trust is “revocable” which allows you to make changes and even to terminate it. One of the great benefits of a properly funded Living Trust is the fact that it will avoid probate and minimize the expenses and delays associated with the settlement of your estate.
Power of Attorney
Second, in the event of incapacity or death, having the proper documentation gives millennials a voice. Once over the age of 18, parents are unable to step in on behalf of their children in the event of medical situations, and without the proper documentation in place parents will have to go to court. For financial decisions in the event of incapacity, millennials need to have established a trust to own assets, or at the very least a durable power of attorney; this will appoint someone to act on their behalf. A health care advance directive (including a living will) should be on file with their primary care physician that outlines preferences for medical care in the event they’re unable to state these for themselves.