Why is Estate Planning important?

Hopefully each of us will get older, and when we reach a certain age it’s good to make some plans. Estate planning is concerned with your assets, and what happens to them when you pass.

Do I really need a Will and/or Trust?  

Many of us spend our lives aquiring things.  If we don’t have a plan for when we pass, someone else will make that decision for us.  A Will tells people what you want done with your things.  This can involve the court system, which is called probate.  A trust, on the other hand, is an entity that holds your assets, avoids probate, and provides instructions on what you want done. 

What things other than a Will or Trust might be needed?

Along with planning for our assets, it is also important to think about what happens to us individually. In the event a person becomes unable to make decisions for themselves, a power of attorney is used.  This could be general, specific, or medical.  Additionally, a healthcare directive can also be used when someone may no longer desire life-sustaining measures.

What do we mean by Long-Term Care Planning?

Sometimes as we age, or if we or a loved one has a disability, we often need additional supports to maintain our independence and autonomy.  Understanding those types of needs, what resources are available, and how to implement them is critical.  Additionally, it is also crucial to determine how to fund those services.  Our firm can guide and help you plan for these kinds of situations. 

What about a guardian for my children?

Every parent should have a plan for whom they would have raise their children in the event they are unable to.  It is often best to have this resolved beforehand to avoid later conflict.  

What exactly is Probate?

Probate is the court process wherein a decedent’s assets are gathered, debts are resolved, and distributions are made either per the terms of a will or if no will, per statute.  

What is Guardianship?

Guardianship and Conservatorship is a legal mechanism wherein a third party assumes legal authority over another, whether a minor or a disabled/incapacitated adult.  This can be full or limited, and it can sometimes just involve financial resources.

What is Medicaid Planning? 

Unfortunately, some of us are going to windup needing full-time care, which can be very expensive. Generally, a person is required to spend all their money before the government steps in to pay for their care (Medicaid).  Medicaid planning is planning designed to qualify someone for government benefits, while protecting some of their assets both for themselves, and for their children. 

What is a Special Needs Trust?

Like Medicaid planning, a special needs trust is designed to hold the income and assets of an individual who has been classified as disabled by the Social Security Administration.  The trust enables the person to keep some resources, while still maintaining their eligibility for government benefits. 

How much does this cost?

For many of our services we have a flat fee so clients know what to expect and can plan accordingly. Some cases, however, are contested or unpredictable and we cannot readily plan.  For those situations we will ask for a retainer and an hourly rate.  Our Fee schedule is included here [TAB].