Bloomfield Estate Planning Lawyer
Estate planning involves the strategic use of legal tools to preserve one’s wealth, pass assets to beneficiaries, and create healthcare safeguards during old age. Bloomfield estate planning lawyer Brian S. Karpe has assisted countless clients in their pursuit of a stable, secure financial future for themselves and their loved ones.
The First Step is Creating a Simple Will
Everyone needs a will, no matter what other estate planning tools they wish to create or already have in place. Wills accomplish the following:
- Name beneficiaries
- Name executor to your estate
- Describe how you want assets to be distributed to beneficiaries
- Name guardians to your minor children
- Describe your last wishes
Assets left in a will (as opposed to assets placed within trusts) must pass through probate. The executor to your will is responsible for the probate process, and will likely benefit from a probate administration lawyer.
Trusts For Asset Protection
By placing funds in a trust, you add a layer of protection against lawsuits, creditors, and sometimes estate taxes. However, you need to choose wisely when deciding what types of trusts to create, and they must be funded properly, otherwise there is no point to creating them. The two most common types of trusts include:
- Revocable Living Trust—A revocable living trust can be modified at any time, as the assets are still the property of the grantor. Revocable living trusts are used to avoid probate and create financial independence in the event of an incapacitating injury or illness.
- Irrevocable Trusts—There are many types of irrevocable trusts, which cannot be modified once they are created, and the grantor cannot withdraw funds from the trust once they place them in the trust. Irrevocable trusts are a great way to protect assets from creditors and lawsuits.
Long Term Care Planning
Medicaid pays for long term care, but only those with very small incomes, and essentially zero assets, are eligible. To become eligible, you can spend down your estate by making gifts to loved ones in the years well in advance of when you believe you will need to apply for Medicaid, and/or you can create various trusts, including a special needs trust or a Medicaid Asset Protection Trusts, that will preserve your money for your own benefit, but will remove those assets from your name.
Healthcare Decisions During Incapacitation
- Healthcare Power of Attorney/Healthcare Proxy—A healthcare proxy or healthcare power of attorney is a legal document that names a person of your choosing to make healthcare decisions on your behalf if you ever become incapacitated and unable to communicate with your doctors.
- Living Will/Advanced Healthcare Directive—An advanced healthcare directive (also called a living will) is a written legal document used to describe what types of end of life treatment want.
Call a Bloomfield CT Estate Planning Lawyer Today
Estate planning involves complicated, nuanced legal strategies that should only be accomplished by an attorney. Make it easy on yourself by working with one of the best in the state. Call Bloomfield estate planning lawyer Brian S. Karpe at 860-217-1458 today to schedule a free consultation.