It’s easy to assume estate plans are intended to deal with future concerns: planning for retirement, providing an inheritance for loved ones, planning for Medicaid eligibility, avoiding estate taxes… all the “someday” stuff. But your estate plan can eliminate (or at the very least reduce) one issue that is very much of the present: stress and worry.
A recent Forbes article, titled “11 Fundamental Elements of a Stress-Free Estate Plan,” provides practical advice on how to design a plan that protects your assets and provides for loved ones. While everyone’s individual needs are a bit different, there are some basic components you need to examine along with deciding who gets what.
Here are some key points to consider from the original article:
- Determine who you want managing your affairs if you become disabled, incapacitated, or pass away;
- Plan in the event you have to live in a nursing home or receive significant long-term healthcare, as well as the effect of Medicaid on your financial needs;
- Protect the assets inherited by your heirs from litigation and divorce;
- Provide for the care of children and grandchildren who may be too young or inexperienced to effectively manage money;
- Provide for children or grandchildren with special needs or in special circumstances;
- Prevent challenges to your estate plan; and
- Plan a family estate plan for blended families that ensures everyone is provided for according to your wishes.
Start your planning now. Read more about these basics to be covered today … because estate plans are as much about today as they are about the future. Be sure to contact an experienced estate planning attorney.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: Forbes (December 9, 2014) “11 Fundamental Elements of a Stress-Free Estate Plan”