If you have been going through life without an estate plan, you may want to resolve to take care of the matter in 2016. Every adult should have an estate plan in place, and it is important for adults of all ages.
There is more to estate planning than the creation of a last will. People sometimes think that they will draw up a last will on their own when they are elders, but this is a very risky, shortsighted approach.
A will can be used, but there are other options with regard to asset transfer vehicles, and you should be certain that you are making all the right choices. Plus, you never know what the future holds. If you assume that you will draw up a will when you are 75 or 80, you are certainly taking a risk.
Estate planning is important for younger and middle-aged adults for a number of reasons. You want to make sure that your spouse is provided for if you are married, and if you have children depending on you, estate planning is even more important.
There is also the matter of nursing home asset protection to take into consideration. Most seniors will require long-term care at some point in time, and Medicare does not pay for it. There are estate planning steps that can be taken to preserve your legacy, but if you do nothing, everything that you have may wind up in the coffers of a nursing home.
Incapacity planning is also part of the equation. A significant percentage of elders become incapable of communicating sound decisions eventually. To account for this, your estate plan could include a living will. You state your life support preferences in this type of will.
Durable powers of attorney are also utilized to name agents to make decisions on your behalf if you ever become unable to make them on your own.
Obtain More Information
We have provided a good bit of food for thought in this blog post, but we have a valuable resource that you can access through this website if you would like to dig deeper. Our firm has prepared a report on the importance of estate planning, and it is being offered free of charge.
To obtain your copy of the report, click this link: The Importance of Estate Planning.
Schedule a Consultation
If you have already made the estate planning resolution, send us a message through the following link to set up a no obligation consultation: Indianapolis IN Estate Planning Attorneys.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.