Elder Law Lawyers Create Estate Planning Checklist | Elder Law | Amsberry Law Firm

Basically, elder law estate planning is the procedure of assigning who will get you assets and manage your responsibilities after your incapacitation or death. One aim is to make sure beneficiaries get assets in a way that reduces income tax, gift tax, estate tax, and other taxes.    

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Estate planning can assist you to establish a platform you can fine-tune as your financial and personal situations change. The major question to ask yourself is how do you distribute your assets when you die? Here are some steps of basic estate planning. 

Inventory your stuff

If you think that you don’t have enough stuff to justify estate planning, you need to start looking around you. You will observe that you have a lot of tangible and intangible assets. The tangible assets in estate planning include homes, land or other real estate properties, vehicles, collectibles and other personal possessions. 

The intangible assets contain saving accounts and certificates of deposit, mutual funds, bonds, stocks, life insurance policies, ownership in business, and health saving accounts. After finding your tangible and intangible assets, you ought to estimate their value. 

 

Account for your family’s requirements

Think about how to protect your family and the assets when you have a sense of what’s in your estate. If a question is raised in your mind regarding the quantity of life insurance, it depends on a number of factors. You need a life insurance account if you have a child with school/college tuition fees or special requirements. 

Apart from this, a backup guardian should be for your children when you write a will. It can assist to avoid expensive family court fights that can drain your estate’s assets. Don’t assume that certain family members will share your child-rearing goals and ideas. 

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Establish your directives

An entire estate plan contains essential legal directives. You can designate portions of your estate to go toward certain things with a revocable living trust. Your selected trustee can take over if you become ill or incapacitated. After your death, the trust assets move to your chosen beneficiaries, which is the court procedure that may otherwise distribute your property. 

A medical care directive also called a living will, spells out your wishes for medical care if you become unable to make those decisions yourself. You can also offer a trusted individual medical power of attorney for your health care. 

A durable financial power of attorney permits somebody else to handle your financial affairs if you are medical can’t do so. Your designated agent can act on your behalf in financial and legal situations. It contains taxes and paying your bills, and managing and accessing your assets. 

 

Final words

These are some steps of basic estate planning; hope you gain a lot of knowledge from this post. If you want to read something more about elder law, get in touch with us. In the future, we will publish more blogs related to elder law.