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Don’t overlook these issues in your estate plan

On Behalf of | Jan 23, 2025 | Estate Planning & Elder Law

Although much of the estate planning process is focused on asset distribution, there’s a lot more that can go into protecting your interests.

Don’t overlook these estate planning issues

A basic will is a good starting point in your estate planning journey, but there are other issues that you’ll want to address in your estate plan. This includes:

  • The potential for long-term care: There’s a significant possibility that you’ll need long-term care at some point in your life. The costs associated with that care can be exorbitant. If you want to protect your assets for your loved ones to enjoy when you’re gone, then you’ll need to develop an effective strategy to cover your potential long-term care costs. You’ll want to consider Medicaid eligibility requirements, purchasing a long-term care insurance policy, or setting aside a portion of your estate to cover your costs.
  • The possibility of incapacitation: No one ever thinks that they’ll become incapacitated and unable to make decisions for themselves, but it happens all the time. If you don’t name someone you trust to act on your behalf to make health and financial-related decisions in the event of incapacitation, then someone you don’t trust could end up asking to be appointed to make those choices on your behalf. This could prove catastrophic for your health and well-being as well as for your vision of your estate’s financial future.
  • Your final arrangements: Sure, a lot of the estate planning process focuses on financial matters, but your final arrangements can also be part of the process. Through a letter of instruction, you can specify your justifications for your estate plan’s distribution scheme, but you can also indicate how you want your final arrangements to play out. This can include everything from where you want to be buried to how your funeral or celebration of life will be carried out.
  • Your beneficiaries’ betterment: Although a trust can be an effective way to leave assets to loved ones while shielding those assets from creditors and in some instances enjoy tax benefits, there’s even more that you can get out of them if you’re targeted in their use. For example, with an incentive trust, you can specify a condition that must be met before the trust’s assets will be released. This can drive your loved ones to achieve important life goals, such as graduating college, getting married or having children.

Create the comprehensive estate plan that protects your interests and your vision of the future

Your estate plan can end up being detailed, and that’s okay. The beauty of the process is that you can tailor it to suit your needs. So, take time to sit down and discuss your estate planning options today with an attorney so that you can protect your future, your finances, and your loved ones.

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