Many people do some soul-searching when a new year begins. As you reflect on your life and your responsibilities you would do well to consider the stages of life that lie in the future.
Everyone should have an estate plan in place, and this applies to adults of all ages. When there are people relying on you it is important to make sure that you take steps to provide for them should the unthinkable take place. No one knows what lies ahead, and tragedies do strike as we all know.
In addition to the above there is the matter of possible incapacity. If you were to become incapacitated and unable to communicate due to an accident or a catastrophic illness who would make decisions in your behalf? Would you want to be kept alive indefinitely via the use of artificial means if there was no hope of recovery?
You can answer these questions by executing the appropriate advance health care directives.
Estate planning is part of the equation, but there is the matter of feathering your own nest for retirement. If you are going through life without any type of financial plan hoping for the best you may be quite disappointed when you start to see the typical age of retirement come into focus.
Let the new year inspire you to take action. Set up a consultation with an experienced retirement and estate planning attorney who will help you devise a plan for retirement that culminates in the effective transfer of your assets to your heirs after your passing.
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.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- Is Your Power of Attorney Powerless? What to Do When a Third Party Won’t Honor an Agent’s Authority - September 11, 2019
- Are There Different Types of Special Needs Trusts? - September 4, 2019
- How Much Might I Receive in Veterans Aid & Attendance Benefits? - August 29, 2019