Estate Planning Basics
Some people assume that Estate Planning is only about asset allocation…not true! Let’s face it: life is filled with unanticipated events. A well drafted Estate Plan can protect you and help your loved ones answer unanticipated and life-changing questions that arise about your life, death, sickness and the unknown.
A thoughtful, comprehensive set of documents will benefit you and your family during and beyond your life by:
- Ensuring that your personal priorities are known and honored;
- Keeping your family’s affairs alive and running smoothly (i.e., protecting access to cash, continued operation of a family business);
- Giving you peace of mind that when you are no longer able, only those whom you trust have the power to care for you, your loved ones, and your possessions;
- Protecting your assets from state and federal taxes and Medicaid liens, if possible;
- Supporting and securing your long-term care choices.
Take this quiz to see if you and your family are legally prepared for life’s surprises.
If, while enjoying a vacation in Hawaii, a nor’easter blows the roof off of your Massachusetts home, do you have documents in place that allow a trusted friend or family member to take steps to repair the damage while you are away…or must you cut your trip short to attend to it personally?
If a sudden accident lands you unconscious and in the Emergency Room, do you have documents in place that allow your spouse, partner or friend to make health care decisions on your behalf? Does your spouse, partner or friend know your wishes about being sustained by life support?
If a sudden accident lands your 18 year old college student unconscious and in the Emergency Room, does your child have documents in place that allow you to make health care decisions on his or her behalf?
If, while enjoying a vacation abroad, your family pet in Massachusetts needs expensive and life saving medical treatment, do you have documents that allow a trusted pet-sitter, friend or family member to get your pet immediate care…or must precious time be lost tracking you down to authorize/pay for it?