In a simpler time, it was easier to leave your hard-earned assets to your family without a lot of legal hassle. But in today’s world of complicated tax and inheritance laws, divorce, lawsuits, Medicaid, long-term health care and many other issues, it’s anything but easy! In fact, lack of proper preparation can seriously deplete your assets before they’re passed on.
The first and best step toward protecting your assets is estate planning. Simply defined, estate planning is the orderly management and disposition of your assets during your life and upon your death with consideration of the impact of wealth transfer upon future generations.
Basic estate planning will get you started in your important preparation for the use and distribution of your assets. We seek to thoroughly understand your concerns and desires and to make you fully aware of your options in preparing an estate plan. We understand the intricacies of the law regarding:
- Federal estate tax
- IRAs and other retirement assets
- Medicaid and SSI
- Divorce and creditor protection
- Community property and joint tenancy
- Capital gains and income tax impacts upon your estate
- Other areas of asset protection and preservation
We will very carefully address all these needs and concerns while minimizing taxation and potential for conflict.
We know that we’re all living longer, and now have a greater need for long-term health care in our advanced years. We want to be sure that you qualify, if necessary, for Medicaid and other assistance programs so you can handle expenses without depleting your assets.
We strive to minimize future controversy. Clear expressions of our clients’ intent in their estate planning documents can avoid ambiguity and deter later challenges to the plan. Like you, we don’t want to see your family in conflict over life and death decisions because they don’t know what you would have wanted.
After working together with you to develop an appropriate plan, we prepare the necessary documentation you need to implement it, including powers of attorney for property management and health care.
There is no one plan that is right for everyone. At MH, we are especially sensitive to the needs of families who have special needs children, blended families, privately held assets, non-citizen family members and other significant circumstances. We know that when it comes to estate planning, there is no such thing as a typical client or set of circumstances, and whatever your situation may be, we can help you.
To schedule your free consultation or to review your existing estate planning documents at no cost, contact us today at 888.222.1328.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.