Do I need an estate plan?

Yes, you need an estate plan, and you need one now.

Whether you are young and single, married with young children, or retired and enjoying grandchildren, you need to create an estate plan that protect your assets and care for your family.

Do not do it the hard way, rather, do not let your family and loved ones do it the hard way. A disability or death of a family member is hard enough, do not compound the grief by not having a plan in place. By putting an estate plan in place, you make things easier for your family. Think about it, your will, health care proxy, trust, and other documents of your estate plan are not really for you, are they? Your plan is for them, right?

Answering tough questions and implementing an estate plan now, is the right thing to do. You know that, but still, most of us do not have an estate plan. It is time to change that fact. For those who do have an estate plan, most have not been updated to meet your changed needs.

Do you need an estate plan? Consider a few questions:

Is everything jointly owned with your spouse? Are you sure that leaving everything to your spouse is appropriate? Will your family loose tax benefits if you leave everything to your spouse? Have your spouse’s long term care needs been addressed? Are there changed circumstances in your life that have yet to be discussed with an estate planning attorney?

Who will care for my minor children? Have you named a guardian of your minor children. Is a Trust in place to manage assets of a minor child? Would you want your 18 year old to get control of your entire estate? Is the guardian of your children also going to serve as trustee of a Trust for your minor children?

Have you minimized your estate tax exposure? Are you taking advantage of your Massachusetts estate tax exemption? Have you started gifting assets to reduce your estate tax? Can you use the marital deduction? Should you use a Trust to defer and avoid taxes?

What happens if you are in an accident and your incapacitated? Who is making decisions for you when you cannot? Have you named a Health Care Proxy to make medical decisions. Have you named a Power of Attorney to step in for you regarding your finances? How may a Trust make life easier for you and your family if you become ill and incapacitated?

Long term care planning? Who is going to care for you or your spouse as you age? Can you stay home and age in place? Do you know how much long term are costs? How are you going to pay for long term care? Do you know how to qualify for Medicaid and MassHealth? Have you protected yourself, your spouse, and your family from the high cost of long term care? Do you understand the 5 years look back period?

Yes, you do need an estate plan.

Book A Call today and start the conversation with attorney John A. Laine.