Many people mistakenly believe that estate planning is only for the ultra-wealthy. The fact is every family should have an estate plan of its own. Without an estate plan, the state controls how your assets are distributed and who may or may not be cared for once you’ve passed. Remember the government is not interested in streamlining the distribution of your assets, minimizing taxes, reducing costs, and ensuring your wishes are carried out. It’s one size fits all!
Another reason to have a plan of your own is to ensure that you will be able to control who makes important medical and financial decisions on your behalf if you become incapacitated. Without a properly designed and implemented plan in place, someone could petition the court for control over your medical care and assets. This could very well be someone that you would never have chosen yourself to make important decisions on your behalf.
At a minimum, your foundational estate plan requires:
- Revocable Living Trusts
- Pour Over Wills
- Powers of Attorney
- Health Care Directives
- HIPAA Authorizations
- Asset retitling
Contact Borkus Law Group, Ltd. today to learn how we can you achieve your goals and keep in in the family.