What is Estate Planning and How Can it Affect You?

It’s Planning for Incapacity.

• What happens when a person becomes disabled?
• Who has the legal authority to manage their finances?
• Who has the legal authority to make medical decisions?
• How does the family get private medical information (HIPAA…Grrrrr)?
• What type of end-of-life medical care is available?
• What care is withheld?

It’s Planning for Long-Term Care

• If you need long-term care, who is actually going to provide you with that care?
  • A family member?
  • Some type of long-term care facility?
  • In-home care?
• How will you pay for long-term care?

It’s Planning for Death

• Where do you want your assets to go when you die?
• How will those assets get there?
• Do you want to exclude certain family members from receiving your assets?
• What happens if one of your beneficiaries dies before you?
• When do your beneficiaries receive your assets?
• Are there restrictions in place?
• How do you avoid intra-family fighting?
• How do you minimize taxes?
• What values do you pass on to your family?
• How do you minimize court involvement?
• How do you avoid burdening your loved ones?
• And about a million other issues…

It’s Dealing with Problems After Death if Planning is Inadequate

• How does your family actually become the legal owner of your assets when you are gone?
  • House
  • Bank Accounts
  • Investments
  • Cars
  • Personal Property