5 Issues to Consider Regarding Your...

Author: Wolfe Ossa LawCategories: Elder Law

What are your New Year Resolutions? Maybe updated (or starting) your Estate Plan? If so, here are some things to consider.

  1. What do your assets look like? If you own your home, is it protected or are you at risk of losing it to a nursing home? What are the tax consequences your loved ones face when they inherit from you? Make a list to bring to your Estate Planning attorney.
  2. Who are your beneficiaries? Depending on who is inheriting from you, there could be taxes owed, make sure your estate can cover those taxes. Even better, see if there’s a way to avoid the taxes all together! Are there young children involved? Substance abuse issues? Maybe you need a trust.
  3. What are your priorities? Do you want to make sure your grandkids’ college fund is set up?  Want to make sure someone is included, or EXCLUDED from your Will? Worried about your potential need for long term medical care? Make sure to let you Estate Planning attorney know!
  4. Do you have a lot of money in Retirement Assets like 401K’s or IRAs? New legislation has effected when and how people can inherit that money, and what that means for taxes. What about your future? Is there anything you can do to protect your retirement assets from being depleted due to medical care? The answer may surprise you.
  5. Who are your fiduciaries? A fiduciary is the person you’ve chosen to handle your affairs on your behalf, this includes your Power of Attorney, your Healthcare Representative, and of course, your Executor. All of these people have different responsibilities. They can be the same person, or multiple people.

It is recommended that you review your Estate Plan every year or two to ensure that everything is in order. Review your Estate Plan with a qualified Wolfe Ossa Law attorney during your FREE consultation.

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