WHAT IS ESTATE PLANNING?
Estate planning is the process of anticipating and arranging how your assets are handled, managed & distributed after your death, or in the event of your disability. Ensuring that you have a good estate plan means that you are leaving your family with all the tools they need to handle your affairs after you are gone.
Further, if a time comes when you are unable to make decisions regarding your own financial affairs, about your health care, or about the day to day issues requiring your attention, planning your estate permits you to designate in advance who you want to assume those responsibilities on your behalf.
Estate planning also includes the preparation of instructions to your family about how you want your assets to be managed and distributed at the time of your death. By planning your estate, you can ensure that your family will have the knowledge of your wishes regarding your assets, and the tools to deal with your debts and liabilities.
Khanna Law can help you to plan for your future. Whether it is planning your estate or helping with the estate of a deceased loved one. We are here for you. Call us at (571) 766-6860 or email at email@example.com to speak to our attorney.
BENEFITS OF A GOOD ESTATE PLAN:
A good estate plan allows you to leave guidance on what assets should be distributed, how they should be distributed, and to whom they should be distributed. It also enables you to leave instructions concerning assets that should be managed by one person for the benefit of another, instead of being distributed outright. Planning for future will further benefit any minor heirs/beneficiaries as it allows you to plan in a way that will provide financial management assistance to them, likely preserve a their eligibility for public benefits, protect a beneficiary from potential creditors, and also preserve family assets for the use of the family for the long term future.
HELP FOR PEOPLE WITH DISABILITY:
If there is a need to provide for a person with a disability, such as a child or grandchild, we can assist in developing an appropriate mechanism to properly provide for the disabled person without jeopardizing that person’s eligibility for critical benefit programs.
The most important part of estate planning is the thought and consideration that you invest in deciding what you want to do and how you want to do it. Once that fundamental work is done, we can prepare the appropriate documents to put your plans into effect.
These documents may include:
- Durable General Power to Attorney: to designate someone to manage your financial affairs in the event of your disability, or to assist in the management of your financial affairs at your direction;
- Advance Medical Directive: to provide guidance on your wishes concerning medical care and treatment, and to designate someone to articulate your wishes in the event that you are unable to do so for yourself;
- HIPPA Release Authorization: to give permission to your medical providers to release information to those persons you designate;
- Last Will and Testament: to appoint a guardian for your minor children, to designate a person to manage your estate and see that your wishes are carried out, and to provide instructions for how your assets are to be managed and distributed;
- Trust: to provide for ongoing management of assets on behalf of your beneficiaries, and to make distributions according to the instructions that you provide.
Contact us today to schedule a free consultation about planning your and your family’s future.