Estate & Legacy Planning
Overview
Estate planning is the process of arranging for the management and disposal of an individual's estate during their life and after death. It involves making decisions about how assets should be distributed upon death, as well as planning for potential incapacity during one's lifetime. The primary goals of estate planning are typically to ensure that assets are transferred to intended beneficiaries efficiently, to minimize estate taxes, and to provide for the care of minor children or dependents.
Key components of estate planning may include:
1. Will: A legal document that specifies how a person's assets should be distributed upon their death. It may also designate guardians for minor children.
2. Trusts: Legal arrangements where a trustee holds assets on behalf of beneficiaries according to the terms specified in the trust document. Trusts can provide greater control over the distribution of assets, offer privacy, and potentially reduce estate taxes.
3. Power of Attorney: A legal document that designates someone to make financial or healthcare decisions on behalf of the individual if they become incapacitated.
4. Healthcare Directives: Documents such as a living will or healthcare proxy that specify an individual's preferences for medical treatment if they are unable to communicate their wishes.
5. Beneficiary Designations: Ensuring that beneficiary designations on retirement accounts, life insurance policies, and other accounts are up-to-date and align with overall estate planning goals.
6. Tax Planning: Strategies to minimize estate taxes, including gifting assets during one's lifetime or utilizing trusts.
Estate planning is crucial for individuals at all stages of life, regardless of the size of their estate, as it helps to ensure that their wishes are carried out and their loved ones are provided for in the event of incapacity or death. A free consultation with the AWS Law Firm can help individuals create an estate plan tailored to their specific needs and goals.
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Your legacy will have several elements to think about. Continue below to read more about each item.
Important Considerations
Insurance Needs
When you retire, your workplace insurance offerings may run out. Selecting new health insurance, and protecting your family with life insurance, are both important things to plan for right now.
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Additionally, how you name your beneficiaries (or if you should use a Trust as your beneficiary) are important topics to speak to a professional about.
Medicaid
How will you pay for nursing home costs or the cost of assisted-living as you age?
Medicaid planning, or a lack thereof, will have a huge impact not only on yourself, but also on your spouse and children.
Charitable Giving
Leaving something to charity is often a goal of our clients. But what, and when, is the best time and place to do this? We help clients to answer this question, and we can help you, too.
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What is your legacy?
Life lived with meaning and a purpose are paramount to how we help our clients plan ahead. There is so much to know and learn in this area. Allow us to ensure your legacy is well-planned and cared for so that you can live your life with peace of mind. Contact us below for more information and to begin the process.
