People often make resolutions when a new year rolls around, and this is a very good idea. When the page is turned, you have a fresh opportunity to make changes and take care of responsibilities that you have been procrastinating about.
With the above in mind, we would like to encourage you to put an estate plan in place in 2016 if you are currently unprepared. Studies show that most American adults do not have estate plans, and this is a disturbing statistic, because families can be negatively impacted due to a lack of planning.
As estate planning attorneys, it is not uncommon for us to speak with people who are looking for answers after the fact. Damage control is sometimes possible, but we have heard many first-hand stories from people who have been forced to deal with difficult circumstances after the death of an unprepared loved one.
When you plan your estate, you are making sure that everyone that you love is provided for appropriately. This is an important act, and it is a very real responsibility. The responsibility is even more profound when you are married, and if you have children, the stakes are much higher.
Each Family Is Unique
Estate planning is not a cookie-cutter endeavor. You don’t just go to an estate planning attorney who will provide you with a ready-made set of documents that are right for every person.
Each family is unique, so there are different circumstances that can exist. Asset protection is a priority for some people, and estate planning for business owners can call for the implementation of advanced estate planning techniques.
If you have someone with special needs in your family, it takes careful planning to provide for this loved one without impacting eligibility for need-based government benefit programs like Medicaid and Supplemental Security Income.
Speaking of Medicaid, this program can preserve the legacy that you would like to pass along to your loved ones. This is because of the fact that Medicaid will pay for long-term care. Medicare will not pay for a stay in a nursing home or assisted living community, and these facilities are very expensive. Paying out-of-pocket could be devastating.
These are a few things to think about, but there are many other circumstances that can exist. If you do nothing to address them, your family will be left behind to deal with the outcome.
Schedule a Consultation
If you are ready to take action in 2016, our firm would be glad to help. We provide no obligation consultations, and we can answer all of your questions, become apprised of your objectives, and help you devise a personalized plan.
To set up an appointment, send us a message through the following link and we will get back in touch with you as soon as we can: Grand Forks ND Estate Planning Attorneys.
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