ESTATE PLANNING
Estate Planning
Estate Planning eliminates uncertainty, keeps you in control and lets you decide who will make your financial and medical decisions if you become unable. A well designed Estate Plan will make sure the assets you’ve spent a lifetime building don't go to waste after you are gone. Wick Elder Law designs a plan tailored to your unique family situation and personal goals to assure your needs are met and your wishes will be protected now and in the future.
Documents
The following is an overview of the documents your estate plan may include
There may come a point, due to sudden illness or gradual cognitive changes where managing finances becomes burdensome or not possible. A Power of Attorney for Property allows you the opportunity to name a trusted individual or family member to handle your finances if you are not able to manage your finances on your own. Failure to have a Power of Attorney for Property when needed can cost a family thousands of dollars in litigation expenses to get the legal authority to assist a loved one in need.
An individual who becomes sick or has an accident may cause an inability to communicate medical treatment options with doctors. A proper estate plan will include a Power of Attorney for Health Care, which identifies your preferred treatment wishes and gives the medical decision making to a trusted family member or individual. Failure to have a Power of Attorney for Health Care when needed can cost a family thousands of dollars in litigation expenses to get the legal authority to assist a loved one in need.
A Last Will and Testament is an important document whether you have moderate or substantial wealth. It provides instructions regarding who will receive money and property upon your death and appoints a trusted individual to carry out those wishes. Without a will, the state determines where the assets will be distributed. A Last Will is your last opportunity to have control over your property at death.
A Trust, also sometimes called a Revocable Living Trusts, keeps you in control of your assets during your life-time, is modifiable during your life, and provides a set of instructions for use of your assets during illness and after death. Using a Trust estate plan in not just for the wealthy. A Trust estate plan helps your love ones avoid the time-consuming, expensive, and public probate process in court. It provides the greatest amount of control for asset usage after death. Each family is unique and a Trust estate plan can be tailored to fit the needs of the individuals of your family.
A Special Needs Trust is an important part of estate planning if you have a loved one with disabilities receiving public benefits. It is a specialized legal document, either included in your Trust estate plan or a standalone document, designed to benefit an individual who has a disability. If you have a loved one who has a disability, then you can use a Special Needs Trust to ensure that the inheritance you leave will be used for his or her benefit and not terminate the public benefits being received.
Services:
- Complementary ½ hour estate plan review
- All-inclusive plans tailored to individual needs
- Assistance with asset funding services
- Identifying proper Special Needs Trust type and usage
- Preparation of Special Needs Trusts, within global estate plan, or stand alone
- Assistance with asset funding services
