While there is a wide range of legal tools that you can include in your estate plan to protect your hard-earned wealth and assets, the following are essential if your goal is to pass a lasting legacy onto the next generation.
If you want to protect your assets but still remain in control of how they will be distributed, then you need to include trusts in your estate plan. A trust is a legal arrangement where one party holds legal title to assets or property that will eventually be distributed to another party. Properly drafted and administered trusts can help limit taxes or legal challenges during the probate process. Unlike a will, a trust can be used to distribute your property during your lifetime or after you pass away without court involvement.
Powers of Attorney
With powers of attorney, you can designate the people you trust to handle your important financial matters and make decisions regarding your healthcare. You should consult with an estate planning lawyer to discuss your situation and planning goals to determine which is right for you.
Guardianship for Minor Children or Special Needs Individuals
Parents with minor children and people with special needs individuals in their life need to determine who will be the legal guardian if they pass away. Legal guardians are responsible for caring for a ward’s personal property and interests. Guardians are also responsible for providing shelter, buying clothes, and caring for the ward’s physical and emotional health.
The extremely high cost of nursing homes and assisted living care can be difficult to afford without proper funding. Although Medicaid provides qualifying seniors with long-term care funding, you need to meet certain financial requirements that can be impacted by the value of your assets. A skilled estate planning lawyer can explain how to protect your assets without our disqualifying you from Medicaid benefits.
For more estate planning advice, please call (262) 387-0706 today to set up a consultation with our knowledgeable legal professionals so we can help you make informed decisions.