Some people don’t understand why estate planning is a necessary process. They assume that everything takes care of itself when the time comes. You get to it when you are old and gray, you draw up a will, and that’s all there is to it.
This is an extremely shortsighted perspective that can definitely yield negative consequences. Let’s look at some of the reasons why you should work with an attorney to plan your estate.
Protect Minor Children
About 75 percent of people who are under the age of 55 are unprepared from an estate planning perspective. This may seem logical on the surface because of life expectancies, but there is another factor that is overlooked.
Younger adults are the parents of dependent children, and most families need two incomes to make ends meet. If you are married and you have youngsters that are still in your home, could your surviving spouse handle the bills if you were to pass away suddenly?
This question is even more significant if you are a single parent. You should definitely put a plan in place as soon as others are depending on you. For income replacement, you can carry the appropriate level of life insurance, and term life is affordable for young adults.
Establishing a Trust
There is also the matter of guardianship, and you can designate a potential guardian in a simple will. You cannot leave a direct inheritance through the terms of a will because minors cannot handle their own money. To account for this dynamic, you can establish a trust.
A living trust is a widely used estate planning device that is perfect for many people in all stages of life. If you have a living trust, you would be the trustee while you are living. After death, the successor trustee that you designate would assume the role.
They could manage assets on behalf of a dependent minor child. A testamentary trust is another possibility. This is a trust that is contained in a will, and it would not be created while the testator is living.
Explore Asset Transfer Options
You should explore your options with regard to asset transfer methods. A living trust can be the right choice as an asset transfer vehicle even if minor children are not a factor. One of the major benefits is the avoidance of the costly and time-consuming process of probate.
When you have a living trust, you can include a spendthrift clause, and it will become irrevocable after your death. The assets would be protected from the creditors of the beneficiaries, and you dictate limited distributions over time to prevent reckless spending.
This is one possibility, and there are many other trusts that can be used to provide targeted solutions depending on the circumstances. As a layperson, you would not be aware of the options, and this is why professional guidance is invaluable.
Consider Long-Term Care Costs and Incapacity
A properly constructed plan will address challenges that you may face during your elder years. Most people incur long-term care expenses, and Medicare does not pay for custodial care. Medicaid will cover these costs if you can qualify, but there is a low asset limit.
With the proper planning, you can potentially position your assets in a way that will lead to future Medicaid eligibility.
Incapacity planning is another component. Your plan should include a living will where you state your life-support preferences. You can name a health care decision maker in a durable power of attorney. A HIPAA release is necessary as well to give your health care agent access to your medical records.
If you have a living trust, you can designate a disability trustee to manage assets in the trust. To account for assets that are not held by a trust, you can name an agent in a durable power of attorney for property.
Schedule a Consultation Today!
Action is required if you are going through life without an estate plan. You can schedule a consultation at our estate planning offices in Glastonbury or Westport, CT if you call us at 860-548-1000. There is also a contact form on this site you can use to send us a message.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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