Making a plan for the future can give you and your loved one’s peace of mind. With an estate plan and elder law plan in place, you can ensure the people you care about most will be provided for if you should pass away. You can also use elder law planning to protect yourself and ensure that your wishes will be carried out in relation to medical care and other concerns if you become incapacitated. There are many different aspects to elder law and estate planning, and if you are unsure where to start, elder law attorney Robert Slutsky has five steps you can take to develop a proper plan.
Get Last Will and Testament Prepared
This document is perhaps the most crucial part of your estate plan. Not only will it let the executor of your estate know how to distribute your assets after your death, it can also designate someone to care for your minor children if necessary. Without a will, the courts will be making these decisions for you, and they may not do so in accordance with your wishes.
Have Powers of Attorney Prepared
There may be a time in the future when you are unable to make medical or financial decisions for yourself. Whether this is due to an injury or an illness like dementia, your Agent under your power of attorney will be empowered to make decisions on your behalf. You can designate both a financial power of attorney and medical power of attorney; these can be held by the same person or different people. Whoever you designate for each role, be sure it is someone you trust to make these types of decisions and have a serious conversation with them so they know exactly what to do if you are incapacitated.
Have a Living Will Prepared
In some cases, an illness or injury may leave you clinging to life. When that happens, life-extending treatments, blood transfusions and life support can keep you alive longer. Of course, some people may not wish to prolong their suffering or force their loved ones to make difficult decisions about their medical care. If you are one of those people, a living will gives specific instructions for medical personnel about the types of treatments they can provide when you are at the end of your life.
Help Your Beneficiaries Avoid Unnecessary Taxation with a Trust
There are many different types of trusts, and they all have different purposes. Speaking to an elder law attorney about trusts can help you determine a strategy to leave money for your heirs without them having to go through probate or submit to unnecessary taxation after you die.
Revisit Your Plan Regularly
Life is always changing, and your elder law and estate plan need to keep up. Once you have a plan in place, be sure to revisit it every few years. That way, you can take into account any changes to your financial or family situation and update your documents accordingly.
Elder Care Lawyers in Delaware County
The path to developing a proper elder care and estate plan is more complex than we can express in just a few paragraphs. If you are serious about making a plan, you need to speak with an elder care lawyer serving Delaware County, PA right away. Robert Slutsky has decades of experience as an elder care attorney, and he can give you the right advice about trusts, powers of attorney, living wills, and more.