Estate Planning Tools For Securing Your Family’s Future
Estate planning is more than just setting up a will or a trust. You also need to consider tools and documents for dealing with possible health issues and care for your children if something were to happen to you. At Patrick K. Moore, PC, we offer a comprehensive set of planning tools to address all of your estate planning needs.
Choosing The Right Documents For Your Estate Plan
The tools and documents used in estate planning address protecting your assets, planning for long-term care and outlining your wishes on distributing property to your beneficiaries. Listed below are some of the estate planning tools we recommend that you consider.
Wills: A will is used to declare how you would like your property and assets distributed after you are gone. It names an executor who is responsible for carrying out the will’s directives and a list of beneficiaries. Wills go through the probate process where debts are paid from the estate and taxes are filed before the assets and property are distributed to the beneficiaries.
Trusts: A trust is a legal document that establishes a fiduciary relationship between a grantor (the person creating the trust) and a person who holds the grantor’s property or assets (known as a trustee). The trustee is responsible for managing the assets in the trust and distributing those assets after the grantor passes away. Assets placed in a trust are protected from creditors, avoid probate and are not made public.
Durable power of attorney: A durable power of attorney names a person who is given authority to make financial, legal and health care decisions on your behalf if you become incapacitated. An ordinary or nondurable power of attorney becomes invalid if you become incapacitated.
Health care directives and directives to physicians: These documents provide instructions to your family and health care providers about your wishes concerning end-of-life care. This includes things such as do not resuscitate orders (DNRs).
Medicaid and Medicare planning: If your assets or monthly income are too high, you will be required to spend the money you spent a lifetime saving to qualify for Medicare and Medicaid benefits. By planning now, you can protect your home and assets to pass along to your heirs while still qualifying for benefits.
Declaration of guardian for minor child or vulnerable adult: As the name of this document suggests, a declaration of guardian appoints someone of your choice to become the guardian of your children or vulnerable adults in your care if you (and the child’s other parent) pass away.
Your estate plan may involve any number of the documents listed above. After we meet with you to establish a clear picture of your goals and your current financial circumstances, we will recommend the tools that we feel are right for you to achieve your goals.
Contact Patrick K. Moore, PC, To Start Planning For Your Future
To learn more about the kind of estate planning tools that are right for you, contact us now to set up an initial consultation by filling out our online contact form or calling our Radford office at 540-633-1590 or our Blacksburg office at 540-953-1100.