Believe it or not, you already have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your home, other residential or commercial real estate, checking and savings accounts, money market accounts, bonds, investment accounts, life insurance, business interests, personal possessions including art, cars, boats, motorcycles, etc. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die.

When that happens—and it is a “when” and not an “if”—you probably want to control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions stating to whom you want to give something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.

That is estate planning—making a plan in advance and naming whom you want to receive the things you own after you die. However, good estate planning is much more than that. It should also:

• Include instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables.

• Include instructions for your care if you become disabled before you die.

• Name a guardian for minor children.

• Provide for family members with special needs without disrupting government benefits.

• Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.

• Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.

• Provide for the transfer of your business at your retirement, disability, or death.

• Minimize taxes, court costs, and unnecessary legal fees.

• Be an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.

So, how can we help you achieve these goals? By creating an estate plan that includes the following documents:

• Revocable Living Trust —A revocable living trust, sometimes called an "inter vivos" trust, is a legal document used to determine who will get your property when you die. Most living trusts are “revocable” because you can change them during your lifetime as your circumstances or wishes change. Revocable living trusts are “living” because you make them during your lifetime. When you have a trust, your family does not have to go through the probate process. 

• Pour-over Will — A pour-over will is used in conjunction with a revocable living trust as a safety net in the event you forget or neglect to transfer all of your property into the trust during your lifetime. Additionally, a pour-over will is needed to nominate guardianship for your minor children.

• Durable Power of Attorney — This is a legal document by which you give another person (whom you nominate) the legal authority to manage your estate's financial matters should you ever become incapacitated. You can make changes to the Durable Power of Attorney anytime you want during your lifetime before you become incapacitated. 

• Advance Health Care Directive — This document authorizes the person you nominate to make decisions about your medical treatment according to your wishes when you are unable to make or communicate such decisions. 

• HIPAA Release — This form allows your health care agent to obtain your medical records and information so that he/she can discuss your medical condition with your doctor.  This form was created in response to the Health Insurance Portability and Accountability Act which made it difficult for anyone other than you to obtain this information.

Don’t hesitate to contact us if you want to learn more.