Planning For Your Future And Your Legacy
Everyone has something that they will pass on to the next generation, be it personal property, real estate, family heirlooms, funds or other assets. If you do not specify what you want to happen to these items after you are gone, the state will distribute them for you according to pre-established laws. This can sometimes create situations that you would not have wanted, had you known what would happen.
Instead of leaving things up to the state, we recommend creating a will or trust to record your wishes. This will help you with the orderly transfer of your estate. The most common ways of accomplishing an orderly transfer are by will or trust. There are good reasons to have one over the other based on your desires, the size of your estate, the nature of your bequests, and possibly the circumstances of your beneficiaries.
- Wills: This is a legal document that stipulates who should receive certain assets after you pass away, as well as who should oversee the process. A will can be as simple or as detailed as you see fit.
- Trusts: This can be beneficial when more complex assets are in play. Trusts create an actual legal entity that can take ownership of your belongings, distributing them to whomever you choose at a time of your choice. This advanced form of estate planning can have several advantages to protect your assets, depending on your situation.
- Specialized Estate Planning Tools: For special individual circumstances, including Asset protection plans, Special Needs Trusts, Pooled Special Needs Trusts, Supplemental Needs Trusts.
At Theresa Johnson Law, PLLC, we listen to your story and identify your hopes for the future. We can help you create the most efficient plan to achieve your long-term goals.
Personalized, Compassionate Estate Planning Guidance
We all know it is important to plan for the future, but many of us delay coming up with plans that will help our families for many years to come. That is unfortunate, because preparing for your later years and planning for your estate are not just good things to do for yourself, but they are great ways to save your loved ones a lot of heartache and to help provide for them after you are gone. Estate planning involves more than creating your will or a trust. Another component of planning for the future is to think about who you would want to make decisions for you if you were unable to do so yourself. These could be medical decisions, financial decisions or other matters. When the need for these legal authorizations arises, it is often too late to create them, which is why we recommend making them in advance.
Two documents that every person over the age of 18 needs are: 1) a power of attorney and 2) a health care directive. These documents allow you the right to choose who you want make decisions for you, should you be unable to make the decisions yourself.
Understanding Elder Law
Estate planning is primarily concerned with what happens after you are gone, but elder law is concerned with the legal needs of the aging and those who care for them. For example, as people get older, they often need help making sure their finances are in order to deal with the medical problems and other issues that come with aging. They may also need a power of attorney document to make sure their loved ones have legal authority to make financial and personal decisions for them in case they are no longer able to do so for themselves. Other concerns include:
- Paying for long-term care
- Medical assistance benefits
- Medical assistance planning
- Asset protection
Our Elder Law Services division helps clients and their loved ones with such elder law matters as well as sound guidance for selecting the right long-term health care facility. These are sensitive issues and we are committed to treating you with compassion, respect and dignity.
Take Control Of Your Future
No one knows what will happen down the road, which is why preparation is so important. We can help you navigate through the journey with a solid strategy. To discuss your questions and legal options, please contact our office in Medina. We are available by email or by phone: 763-634-1468.