|You have worked hard all of your life and it is important that after you have a plan for what will happen to all that you own after your death. The proper plan will save your family a lot of money, time and frustration if you think ahead and draft the proper documents for your situation. In addition, you will be able to set up a type of Medicaid Planning for you and loved ones in the event Nursing Home facilities are needed in the future. In addition, you will be able to engage in Medicaid Planning for you or your loved ones in the event someone needs to enter a Nursing Home.|
Estate Planning includes:
- Last Will and Testament
- Living Will/Advance Health Care Directive
- Durable Power of Attorney
Frequently Asked Questions About Estate Planning
Q: What is a Durable Power of Attorney?
A: This is a form that permits someone else to take care of your financial affairs in the event you are not able to do so. This form can also provide for another to make Medical Decisions on your behalf in the event you are not able to speak for yourself.
Q: What is a Living Will?
A: This is a form which makes clear to your Doctors what your wishes are in the event you are terminally ill and are not able to speak for yourself. This document appoints another individual to make these "end of life" decisions in consultation with your Doctors.
Q: What is a Last Will and Testament?
A: This is a form which directs what you want to happen to all of the things that you own at the time of your death. In addition, this form can also name a Guardian for your minor children in the event of your untimely passing. This document is a useful tool to avoid or minimize Estate Taxes.