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Trusts and Estate Planning

Leaving an estate to loved ones so that they will continue to benefit from a lifetime of hard work and saving is an important objective with most seniors. Thoughtful planning produces positive results upon death or disability. Failing to plan can cause unnecessary problems later for you and your loved ones. We can evaluate your needs and help you implement a comprehensive estate plan through wills, trusts and advance directives.

It is important to plan so that your loved ones can receive the benefit of your lifetime of hard work and saving. A will or trust written with the help of an experienced professional can help you achieve your objectives. Powers of attorney for health care and for financial matters are also key parts of any estate plan.

Wills

Your estate plan should include a Will (or a Trust) to provide help and security for your family when you die. If you don’t plan ahead, the State will distribute your assets through“intestate succession.” The intestacy rules often have unfortunate consequences that could have been avoided with even a simple estate plan.

[see article Do You Need a Will?]

Revocable Living Trusts

 If you currently manage investments, particularly real estate investments, a living trust may be an attractive planning tool for you.

By having your assets in a revocable living trust you can retain gives your trustee the authority to manage your affairs if you become unable to handle them yourself. You can remain as the trustee and give a successor trustee the same authority you have to manage your investments when you are no longer able to manage them yourself. These trusts can also save your estate money by avoiding probate of a will. Living trusts are particularly useful when you own investment property or have property in more than one state. Upon your death the trustee will distribute your assets as you have provided in the trust.

[see article Revocable Living Trusts]

Special Needs Trusts

For some disabled individuals, government assistance is such a necessity that the loss of that assistance would be a catastrophe. Family members may wish to do something to help that does not cause the loss of those benefits. In such a situation, Special Needs Trusts can provide supplemental assistance without jeopardizing government benefits.

Elder and disability lawyers commonly use two types of special needs trusts for the benefit of a disabled person. One type is funded with a disabled person’s own assets, and is the type commonly used when the disabled person has received compensation for an injury or has inherited money. Another type of special needs trust, sometimes called a “third party trust” is funded through gifts from loved ones, either in a testamentary special needs trust or into a trust during their lifetimes. We can help you select the type of special needs trust you need and design it to help your disabled loved one most effectively.

[see article Special Needs Trusts]

Durable Powers of Attorney and Advance Directives for Health Care

Everyone needs to appoint someone, called a “health care agent,” to make health care decisions for them when they are no longer able to direct their own medical treatment. The document used to appoint a health care agent is called a “durable power of attorney for health care” or simply “appointment of health care agent.” This document gives your loved ones the authority to carry out your wishes for health care when you can’t direct your own health care. A living will or other advance care directive is also important to give guidance to your family and physicians about your wishes for your care.

A durable power of attorney for financial matters gives a trusted person the authority to take care of your finances if you are not able to do so for yourself. Both planning documents are vital tools for life care and estate planning. These documents are not “one kind fits all” and should be modified to meet the individual’s needs.