Torrington Estate Planning Lawyer
You may have heard it before, but it bears repeating: you are never too old or too young to think about estate planning. Estate planning is something that all adults need to find the time to do, particularly those with minor children, people with children from previous marriages, those with major health concerns, individuals and couples who are over the age of 50, and anyone with considerable net worth. Torrington estate planning lawyer Brian S. Karpe can help you modify an existing estate plan, or create one from the ground up.
Simple Will
A simple will is the foundation of every estate plan. No matter what other elements one has in their estate plan, including various trusts and power of attorney, they must also have a simple will. For some, a will may be enough on its own, at least for the time being. Wills name beneficiaries, describe how assets should be distributed, name guardians to minor children, and explain any last wishes such as burial or funeral arrangements.
Trusts
There are dozens of different types of trusts, used for a variety of financial reasons. Revocable living trusts offer great flexibility and can help you avoid probate; irrevocable trusts reduce your liability against lawsuits and creditors; charitable remainder trusts provide a steady income for you to live off of, and what funds are left over go to charities of your choosing; and generation skipping trusts are just one type of trust that can help you avoid estate taxes. Trusts give you the ability to set terms about inheritance such as when the funds can be used and for what purpose, they help maximize the assets that you will be able to pass down to your heirs, and they offer exceptional help to individuals should they become incapacitated or require long term care, as described below.
Elder Care Planning
Planning for nursing home care, other long term care, and incapacitation are part of estate planning as well. A few aspects of elder care planning include:
- Healthcare Power of Attorney—You name a specific person to make healthcare decisions on your behalf if you become incapacitated.
- Advanced Healthcare Directive—An advanced healthcare directive is a written legal document that defines what types of end of life care you do and do not want.
- Medicaid Planning—Medicaid planning involves strategic gifting and various irrevocable trusts designed to reduce your assets so that you can qualify for Medicaid’s long term care benefits. The two main types of long term care planning trusts are special needs trusts and Medicaid Asset Protection Trusts.
Reach Out to a Torrington Estate Planning Lawyer Today
Estate planning does not have to be a difficult or daunting task. By working with a competent, knowledgeable attorney who will take the time to explain things to you clearly, you can accomplish all of your estate planning goals relatively quickly, easily, and with minimal expenses. Reach out to Torrington estate planning lawyer Brian S. Karpe at 860-217-1458 to schedule a free consultation today.
