Blogs :: What is Estate Planning?
We all want to make sure our family is provided for now and in the future when we are no longer here. Having a comprehensive plan is a way to protect our family and prepare for many unexpected situations.
Estate Planning is making a plan for how you want your assets divided after your death. It also includes making decisions for who will look after your minor children and who will make financial and medical decisions if you are incapacitated.
Detailed Estate Planning can be composed of a team of professional composed of your attorney, financial planner, accountant, life insurance agent, banker, and broker.
The components of Estate Planning can include the following:
Last Will and Testament
Describes how you want your assets and property divided, names both your executor and who will look after your children after your death.
Trusts can be used to shield assets from the Probate, reduce taxes of beneficiaries and to adequately plan for Medicaid.
Durable Power of Attorney
Designates a person to represent your monetary interests and act on your behalf if you are no longer able to do so.
Medical Power of Attorney
Names someone who will act for you in medical decisions and to make sure your health care wishes are honored.
HIPAA stands for the Health Insurance Portability and Accountability Act and concerns privacy of an individual. HIPAA forms designate who can receive confidential medical information about you.
Directive to Physicians and Family or Surrogates (also known as a Living Will or Advance Directive)
Communicates your wishes for medical treatment and end-of-life care should you become incapacitated.