When the time comes to find an estate planning lawyer, it can be overwhelming. However, with the right knowledge, the search for the perfect team becomes a breeze. At Feniger and Uliasz, we take great pride in being that team. But, like we said, it starts with an understanding. Here, we’re providing five reasons you should even consider giving estate planning a thought.
With estate planning, there is one inevitable term – trust. However, there are several types of trusts, so understanding which one is best for situations and goals can be tricky. For many people, establishing a revocable trust, which enables the person to fully control their assets during their life and ensures the transfer of their property to their loved ones, is the best method for preserving assets and avoiding the expenses associated with probate. However, under certain circumstances, an irrevocable trust may be more appropriate depending upon the person’s goals.
Long-term care is expensive. For most people, paying for care is possible until their savings and everything they built up in their life becomes exhausted. After you die, Medicaid also has the right to recover from your estate, including any remaining real estate. Further, transferring assets to qualify for Medicaid can subject a person to penalty periods during which they cannot receive benefits.
If you have a minor child, it is crucial to choose a designated guardian if something happens to you before the child reaches legal age. If a guardian is not named, a judge will select a person that seems most appropriate to raise your child. However, this appointment may not be consistent with who you want to raise your children. Picking a guardian ensures that your children are in the hands of someone you trust and who you can be sure will act in the best interest of your children.
Wills are the cornerstone of an estate plan, allowing you to determine what happens to your home and your possessions, appoint a guardian for your children and name the executor of your estate. Without a will in place, your assets will be left in the hands of the legal system. This may result in loved ones being excluded from the inheritance of the estate. Naming your children, stepchildren, or charitable organizations who would otherwise be left out is just one of the many aspects one can contain within a will.
Durable Powers of Attorney
Powers of Attorney and Advanced Directives authorize someone to handle your affairs and communicate your wishes in cases when you are unable to do so. Creating these documents is a significant life decision that ensures your dignity is preserved during events that inhibit you from making your own medical decisions while ensuring financial and legal needs are taken care of.
If finding an estate planning lawyer is in your future, do yourself a favor and give the team at Feniger and Uliasz a call. With decades of experience in helping others protect the future, our team will ensure your wishes are carried out. Call today to schedule your consultation at (603) 627-5997.