February 18, 2012
/24-7PressRelease/ -- Avoiding Estate Planning Can Be a Recipe for Disaster
Everyone needs to plan for the possibility of incapacity and the certainty of death. Whether of modest or substantial means, most people want to see that their assets are protected if they become incapacitated, and that their money and property pass pursuant to their wishes -- either during life or upon death -- to their loved ones.
These goals can be accomplished in many ways, and this process is called "estate planning." Estate planning is highly complex and governed by both state and federal laws. It is essential to consult a knowledgeable estate planning attorney in your state to avoid unwanted outcomes.
Your lawyer can help solve issues of property ownership and transfer in ways that meet your needs and those of your loved ones. Estate planning attorneys educate their clients about what the law allows and helps them take the legal steps necessary to see that their wishes are carried out. This process almost always involves the execution of particular legal documents that have the power to direct the flow and control of assets.
Here are some issues you may want to discuss with your lawyer, along with some tips:
-It is wise to consider a will. You may want to leave specific items of property to certain people or money to a favorite charity. If you die without a will, state law will determine who gets your property and it may not be who you would think. At the very least ask your attorney to explain the consequences.
-In your will you will name a personal representative to administer your estate after your death as it passes through the probate court, is distributed and closed. Think carefully about who you should name and talk it over with him or her. Your closest relative may not be the best choice.
-A will can help care for minor children if you pass away prematurely. For example, you can name a preferred guardian or set up a trust for the kids' benefit that would be created at your death.
-While a will may be a good tool for you, sometimes people avoid going through the costly probate process by other means like joint ownership of property or trusts.
-Find out the tax consequences of the approaches you are considering, especially if you have a substantial estate that might be subject to estate tax. In that case you may want to learn about the alternatives of gifting or putting in trust some assets during your lifetime.
-If a close relative has disabilities or is incapacitated, consider whether setting up a special needs trust is a good option. A special needs trust is drafted to comply with federal and state law that would allow your relative to maintain eligibility for important public benefits like Medicaid or Medical Assistance, and Supplemental Security Income. Receiving money directly as a gift or inheritance could endanger eligibility.
-If you or your spouse is approaching a time when nursing home care may be needed, talk to your lawyer about Medicaid qualification planning. Planning for incapacity can also involve living trusts, powers of attorney, advance directives and living wills.
-Estate planning for nontraditional families can be tricky. If you are part of a nontraditional couple -- same sex, unmarried partners, blended family -- seek out an attorney who has worked with families like yours before.
This only scratches the surface of the multitude of estate planning matters. Be sure to get the legal counsel you need to accomplish your goals and protect your estate. Don't put it off because you are relatively young or you think your estate will pass as you would want without a will -- an accident or illness (and resulting disability or death) unfortunately can occur when you least expect it.
Article provided by The Charles Law Offices
Visit us at http://www.charleslawoffices.com
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