As we round out another election season, focusing on how government policies might affect our families and finances is natural. However, as any experienced estate planning lawyer will tell you, a crucial aspect of your family’s future remains constant regardless of who’s in office: the need for a personalized estate plan.
The Government’s Default Plan
Here’s a sobering reality: if you don’t create your own will or trust, you default to the government’s “plan” for your estate. This plan is implemented through a process called administration, which can be both expensive and time-consuming. During administration:
- Your estate cannot be distributed to loved ones
- A judge makes decisions about how your legacy is distributed
- The court settles family disputes
I’ve seen firsthand how this process can strain families and diminish inheritances. The good news? You have the power to avoid this scenario entirely.
Beyond Death: Planning for Incapacity
Estate planning isn’t just about what happens after you’re gone. It’s also about protecting yourself and your family while you’re alive. Without crucial documents like a healthcare proxy and power of attorney, your loved ones can’t simply “step in” if you become incapacitated. Instead, they must petition the court for these rights – an expensive, time-consuming, and potentially contentious process called Guardianship.
Even more concerning, without these documents in place, someone you may never have chosen could gain control over your finances and healthcare decisions. We can help you create these vital documents, ensuring your wishes are respected even if you can’t speak for yourself.
Long-Term Care: Protecting Your Assets
Did you know that statistically, most of us will need long-term care at some point in our lives? 70% of people over the age of 65 will require some form of long-term care. The government’s default plan for this scenario is simple: you pay until you’re broke, then Medicaid steps in. However, with proper planning, you can work to protect your hard-earned assets for your family, not Uncle Sam.
We can help you explore options like irrevocable trusts or long-term care insurance to safeguard your assets while ensuring you receive the care you need.
Taking Control of Your Legacy
While elections may change the political landscape, they don’t change the fundamental importance of having a solid estate plan. Some of the most critical decisions affecting your family’s quality of life are in your hands, not a politician’s. By creating a comprehensive estate plan, you’re taking control of your legacy and fulfilling your wishes.
Don’t leave your family’s future to chance or government default plans. A Brooklyn estate planning lawyer can guide you through creating a personalized estate plan that protects your assets and ensures your wishes are respected.
Remember, regardless of age or asset level, the best time to plan is now. By taking action today, you’re giving yourself and your loved ones the gift of security and peace of mind. If you have questions or need assistance, please contact us today for a comprehensive consultation. Be sure to mention this article to focus on your specific needs.
This article is a service of Miller & Miller Law Group. We do not just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love.