By Arnab Dey
Choosing an Estate Planning Lawyer is an important decision that needs to be made by individuals who want to make sure their assets are protected.
Estate planning lawyers can help individuals create a will or durable power of attorney that can help ensure that their financial needs are met and that their wishes are honored. This can help ensure that your family’s assets are protected if you become sick or disabled. Learn more.
Living Will
Obtaining a Living will and estate planning lawyer is an important part of estate planning. In order to prepare for an unforeseeable situation, it’s best to make sure that your assets and wishes are documented.
A Living Will is a legal document that states your wishes regarding medical treatment in case you become mentally incapable of making decisions. The document can be created by a lawyer or a software application. It will give medical professionals and family members the confidence that they want to be treated in the manner that you prefer.
A Living Will will also specify how you want life-prolonging measures to be withdrawn if your life is not expected to continue. This will relieve your family from the emotional pain and stress of having to make difficult medical decisions.
A Living Will can be used to specify whether or not you want to have organs donated to improve your quality of life. It can also specify whether or not you want to receive hydration and intravenous food and water.
A durable power of attorney
Having a durable power of attorney for estate planning is one of the most important things you can do to protect your rights and ensure that your family will be taken care of. This document will allow you to assign someone you trust to make decisions for your finances and medical care.
When you are creating a durable power of attorney for estate planning, it is important to know what you want. It is also important to choose the right person to act as your agent. A good choice is your spouse or your child. They have the skills to be a good partner and to cooperate.
The agent must be a person of trust. This person will be in charge of your finances, medical care, and legal decisions when you are unable to do so. This person is called an attorney-in-fact. You can also give the agent limited legal authority.
Minimize tax consequences
Having an estate planning lawyer in your corner can minimize your taxes. While it’s not necessary to pay the full amount of taxes on your estate, it’s wise to minimize the tax impact by making the right decisions from the get-go. For example, if you are an entrepreneur, your business is probably your largest asset, and planning ahead can help you preserve its value.
Estate planning is a great way to ensure that your loved ones inherit the wealth you worked for, without being dragged through the courts. For example, your estate planner may recommend that you hire a trustee to manage the distribution of your assets, thereby reducing the number of probate proceedings.
Aside from taxes, there are numerous other considerations that should be part of your estate plan. Among them are a revocable trust, a will, and a power of attorney. Also, it’s important to make sure your beneficiaries are legally bound to your wishes, otherwise, you’ll find yourself in a world of trouble.
Related Resource: 5 Highest Taxed Items You Need To Know
Make a plan for unexpected or long-term disability
Whether you have an unexpected disability or are planning for a long-term disability, a good estate planning attorney can help you make a plan. The right plan will protect you and your family in the event of a disability. The plan should include a will, a trust, a medical directive, and a financial power of attorney.
It’s important to review the plan periodically, as life changes. The plan may include other important decisions like naming people to care for you and your children, deciding who will take care of your finances, and making funeral arrangements.
In addition to preparing a plan, you may want to consider getting a short-term disability policy. This type of plan will pay a percentage of your income if you are unable to work due to a medical disability. Unlike long-term disability, short-term disability benefits are not tax-free, but you can choose whether or not to pay taxes.
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What's your reaction?
Thanks for explaining what a living will is when it comes to estate planning. I’m interested in finding an estate attorney soon because I’m interested in planning out my retirement later down the line. I think that doing that in my forties would be a good idea so that I have a lot of time to make adjustments later on just in case.
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