Planning Over Generations

Will v. Trust

 

Preparing a will or trust sets the foundation for passing your estate to future generations. These documents allow you to lay out instructions for the distribution of your money and property.

 
 

A will is typically a more simplified document that only covers how, and to whom, your assets will be distributed upon your death. It does not include incapacity planning. A will does not automatically mean that your estate avoids probate and does not have many of the protections offered with a trust. It can, however, provide some peace of mind for yourself and your family in regards to your final wishes.

A trust is a more extensive document that covers the various stages of your life: (1) when you are alive and well; (2) when you are alive but unable to manage your affairs; and (3) when you transition. When a trust is properly funded, your family can avoid the time and expenses of needing to probate your estate. It can also provide tax planning; planning for multiple generations; guardianship for minors, individuals with special needs, four-legged family members; and elder care, including government assistance considerations. Most importantly, a trust keeps your affairs and beneficiaries private and can protect their inheritance from creditors, predators, and self-sabotage.

 

Ask yourself the following:

  • Do I want state laws to govern my affairs after my death?

  • Do I want to leave my family with the burden and expense of dealing with my affairs while grieving?

  • Am I comfortable with potentially creating family strife because there was no clear plan after my passing?

  • Do I want my affairs made public?

  • Do I want to leave my family’s inheritance open to attacks from creditors, predators, or self-sabotage?

 If you answered no to any of these questions, then please contact Trusted Legal Warrior, PLLC to discuss your options.

Care for Vulnerable Family Members

 

Minors, Aging Parents, Individuals with Special Needs, and Beloved Furry Family Members

 
 

One of the most important goals of estate planning is the care of vulnerable loved ones when you are unable to provide for their care or have transitioned. No one can predict when either of those events will happen, and it will be too late to put a plan in place when they do. You have a number of options to ensure the care of minor children, individuals with special needs, aging parents, and even pets.

You can pre-select the person or persons that will provide physical care and financial care for these loved ones through guardianship documents. When you do not make plans, a court action is necessary to get a guardian or conservator in place, incurring additional costs and delays.

You can also make preparations to ensure that aging parents and those with special needs qualify for government benefits for their medical needs while preserving assets for future generations. Many people are not aware that Medicaid will often attempt to recoup funds expended on recipients after their passing, including from the family home. Careful planning could protect the passing of generational wealth and help prepare for medical care for individuals with special needs.

Finally, don’t forget that your furry family members in your estate planning, who will need care after you transition or have a period of incapacity.

 

Ask yourself the following:

  • Do I want to leave it up to the courts to decide who will care for my loved ones in my absence?

  • Do I want trusted family members or friends to incur the costs of seeking guardianship or conservatorship because I failed to make a plan?

  • Do I  want to lose the family home or inheritance because my aging parent needed Medicaid for healthcare needs?

  • Do I want to leave my family disputing over who will provide care for vulnerable loved ones or four-legged family members?

 If you answered no to any of these questions, then please contact Trusted Legal Warrior, PLLC to discuss your options.