The topic of estate planning is often something people are uncomfortable discussing or even thinking about. However, creating an official and legalized plan ensures that your wishes for the distribution of your assets are carried out when you die, and it ALSO means you’ll be prepared if you have a life crisis or become ill.
Any estate plan will minimally comprise a Will, Financial POA, Health Care POA with HIPPA, Health Care Directive and Mental Health Directives. However, if married, you should strongly consider a Community Property Agreement. If you are married and have a net worth more than $2.2M then consider a Trust to eliminate estate tax. If you own property in more than one state or wish to avoid probate, you should consider a Living Trust.
Let’s look at some of these Elements of Estate Planning. And you can always learn more on our website HERE.
When it comes to a parent or spouse’s healthcare, the law can be strict about who can receive status updates, participate in conversations with medical professionals and make medical decisions. These policies are meant to protect our sensitive information, but they can also pose serious problems for family caregivers.
Are You or Your Parents at Risk?
It has become more common than not that retirees over 65 have parents that are still living independently, but are they at risk? What if they were to fall or a sudden illness meant they could no longer maintain their current lifestyle, and there now senior-aged children do not live close by? Or their children have health concerns of their own. Are both you and your parents at risk?
What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996 and should be taken into consideration when you are planning your estate.