Estate Planning: Experience Freedom for Your Future
Hopefully, you enjoyed celebrating Independence Day! Fourth of July is a time to celebrate the Declaration of Independence and the freedom our country represents. As we reflected on freedom yesterday, we thought about the importance of having freedom and independence within our own lives. Estate planning can offer protection for yourself and your loved ones in the face of uncertainty. This freedom allows you to have control over life-altering circumstances, like incapacity or death, even though you don’t know what the future holds.
Planning for worst-case scenarios now allows you to ensure your own independence, freedom and authority over yourself and your assets in the future. It can also reduce stress by having the peace of mind to know you are covered regardless of what happens in the future.
Here are four ways estate planning secures your future freedom:
Having a Plan in Place: An estate plan is about so much more than just a will. It’s about having a variety of documents in place that will allow your personal decisions to be honored regardless of the situation. An estate planning attorney will create an individualized plan to ensure that everything happens on your terms. There are multiple ways to create an estate plan, and a professional can help you avoid probate, minimize the impact of capital gains taxes and uphold your wishes. Don’t allow the government to make your decisions for you by putting your trust in do-it-yourself options or by not having a plan at all.
Prepare for Long-Term Care: As we’ve mentioned before, long-term care is a significant concern for many. With the average cost for long-term care starting at around $100K per year, preparing for the possibility of this type of care now will make a major difference when you actually need it. Whether it’s long-term care insurance, planning for Medicaid or setting up an asset-based annuity, there are estate planning strategies available to protect your assets and allow you to prepare for any future care you may need.
Protecting Your Finances During Incapacitation: When you set up an estate plan, a thorough attorney will have you name a decision maker - or durable power of attorney - to make decisions for you if you cannot. This document is one of the most important documents within an estate plan as it takes effect while you are still alive but not able to care for yourself. This trusted individual will make financial decisions, pay bills and manage your affairs while you are unable to do so.
Choosing a Health Care Representative: A health care directive is another essential element to an estate plan. Similar to a power of attorney, this document will legally name your trusted health care spokesperson to make medical decisions on your behalf for you when you are unable. It also allows you to share your wishes on a number of circumstances within the document.
If you are ready to finalize your estate plan and secure your future, de Jesus Law Group is here to help. All of our estate plans incorporate a fully individualized plan that is customized to your particular situation, a durable power of attorney and a health care directive. Contact us today to set up a complimentary two-hour legal life planning session.