Whether you are single and childless or married with children and a pet, estate planning will help you live your best life. A well-crafted plan benefits you and your loved ones and leaves less of a burden for them when you pass away. The following questions and answers might help you understand why elder law attorneys stress the importance of creating such plans.
What You Need to Know About Estate Planning
What Is Estate Planning?
Estate planning is the process of minimizing current and future tax liabilities, maximizing income, protecting assets, and establishing what happens to your estate after you pass away. Elder law attorneys know that providing for financial and health care needs and wants is a major focus of many estate plans.
What’s in an Estate?
When people pass away, their estates contain the property they own or in which they have an interest. Estates can include real estate, stocks and bonds, retirement accounts, intellectual property, and personal property.
Why Create an Estate Plan?
An effective plan allows you to enjoy and maintain control over your property and assets while you are alive and minimize or eliminate taxes after your passing. Such plans give peace of mind that your estate is administered by someone you choose and the contents go to the people, organizations, and institutions you want to receive it after you pass away.
What Are Examples of Estate Plan Documents?
Documents include a will, where you can name guardians for minor children and provide for their health and financial care. Revocable trusts let you control property during your life, while testamentary trusts arise upon the death of the testator. Other documents include a power of attorney, which authorizes someone you trust to act on your behalf in business and personal matters, and a power of attorney for health care, which authorizes someone to make health-related decisions for you when you cannot.
From his offices in Griswold, CT, attorney Stuart R. Norman Jr. provides over 40 years of sound counsel and representation in elder law and estate planning matters. To learn more about how attorney Norman can help you, visit his firm online. Call (860) 376-0069 today to schedule an appointment with this skilled and compassionate attorney.