Wills. Trusts. Retirement Accounts. IRAs. Beneficiary Designations. Life Insurance. Nursing Home. Annuities. Long Term Care Insurance. What you need depends on what you want to achieve and where you are in life. It can seem like a big puzzle, but we make it simple for you.
You need a Will, Financial Power of Attorney, and Healthcare directives, such as Living Will. But a Last Will and Testament is a very limited tool with a very limited purpose. You may need more. A trust is a much better tool in most many situations. A trust provides asset protection, privacy, and reduced costs in the future. Maybe your needs require a Revocable Living Trust, or, perhaps, an Irrevocable Trust would be better. If you have retirement plans and want to maximize the benefits, a Retirement Plan trust may be right for you. Wills. Trusts. Retirement Accounts. IRAs. Beneficiary Designations. Life Insurance. Nursing Home. Annuities. Long Term Care Insurance. What you need depends on what you want to achieve and where you are in life. It can seem like a big puzzle, but we make it simple for you.
Everyone needs estate planning, including you and me. The extent of the planning we need, however, will vary based on our goals and situation. For some, a Last Will and Testament may be sufficient. But for most many people, a Will cannot fully achieve our goals. A family farm, a small business, a blended family, prior marriages, special assets, a beloved pet, or a loved one with special needs… each of those deserve to be handled properly. Proper handling means that it’s unique characteristics will be addressed with a carefully crafted solution. As an example, consider the expertise required when you want to provide for someone with special needs in a way that doesn’t jeopardize their benefits. Have the income limits and resource limits been considered?
Do they address what happens when a family member has special needs? Does it protect your assets so that they won’t have to be used to pay long term care costs? Does it make sure your assets benefit your spouse and family without being at risk to your surviving spouse’s new husband or wife? Does it protect your assets from your children’s spouse? If you aren’t certain about the answer, let us review your Will. We will tell you the answer.
A trust is the best, most versatile estate planning tool. There is so much flexibility with a trust. It can accomplish just about anything you want it to accomplish. The challenge is knowing when and how to use it. Plus, not all trusts are the same. Each one has a unique purpose. As with any tool, it must be used in the right way, at the right time.
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