It’s never too early to start a conversation about your family and the future. As life expectancies and long-term care expenses continue to rise, families must consider how to pay for increased expenses. At Kalil and LaCount, our lawyers help clients create an estate plan that protects your assets, implements your wishes, and avoids a financial toll on your family.
Consider the following:
1. How Do I Control My Healthcare Decisions?
Health care directives are documents that ensure the health care treatment you want when you are unable to speak for yourself. Those documents usually consist of:
a. Living Will
b. Healthcare Power of Attorney
c. HIPPA Authorization
d. Durable Power of Attorney
A living will is a document that instructs your doctor to use or withhold life-sustaining treatments when you are terminally ill. A health care power of attorney allows you to 1.) choose the person – known as your agent – to make decisions for you, and 2.) to preserve in writing your treatment preferences. A HIPPA authorization allows your agent to receive health care information from your doctors on your behalf. Additionally, a durable power of attorney designates an agent for financial decision making should you become incapacitated or incompetent.
2. Are My Assets Protected?
One of the principle concerns of our estate planning clients is the protection of assets and preservation of wealth. By using trusts, we can structure an estate plan to offer asset, Medicaid, and tax protection that preserves and protects your wealth. Trusts can also be used to ensure treasured assets, such as a lake or beach house, continue to be family gathering places for successive generations.
3. What Estate Documents Do I Need?
In order to avoid a long and expensive probate process, you are best served to have the appropriate estate plan in place. Each family’s situation is different and the best results depend on advanced planning. Contact us to set up a consultation and begin the conversation. We will work with you to tailor an estate plan that achieves your goals and results in peace of mind.