Who needs estate planning? Probably you do! Estate planning does not relate to an individual’s net worth. The purpose of an estate plan is to see to it that your financial goals and the financial goals of your family can be met even after you die.
There are several elements of an estate plan. A will, a power or attorney, a living will and a health care proxy. These basic documents comprise an estate plan.
Why You Need A Will
A will is a very basic document in which an individual lays out what he or she wants to happen to his or her assets upon death. It can also name guardians to the decedent’s minor children. A major reason for having a will is that if you die without a will you are considered to have died “intestate”. Individuals who die intestate will expose their heirs and loved ones to additional expenses in dealing with the complications involved with estate administration.
Are Trusts Only For The Rich?
Trusts are documents that allow you to control your assets and its distribution after you die. Trusts can also be utilized to reduce estate and gift taxes. Trusts are no longer for the rich. They’re a valuable estate planning device many middle class families utilize.
Annual Gift Giving
Each individual may give up to $13,000 a year or $26,000 if you are married and giving the gift in conjunction with your spouse. In addition you can pay an unlimited amount in medical and educational expenses for an individual if these funds are paid directly to the institutions that provided the medical or educational services.
Estate Planning Lawyers
Estate planning is a sophisticated undertaking. You should utilize experienced well thought of estate planning attorneys to handle these sophisticated transactions. The law Offices of Schlissel DeCorpo have been drafting estate plans for their clients for over thirty years. The firm probates wills. They litigate contested wills. The firm’s attorneys have extensive experience in bringing guardianship proceedings, drafting revocable living trusts and irrevocable living trusts. Elliot S. Schlissel, Esq. is a member of the National Academy of Elder Care Attorneys. He provides all types of elder care counseling to his clients including issues involving nursing home abuse, Medicaid, Medicaid planning techniques, specials needs trusts for special needs children which are also referred to as supplementary needs trusts. Feel free to call our office for a consultation.