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8 Ways an Estate Planning Attorney can Help You, Now!

January 4, 2018

Plan for the future of your estate and assets. An estate planning attorney can guide you through the process of reducing or eliminating estate taxes and navigate you through the ramifications of the new tax law.

Prepare your last will and testament. Lessen the unknown by implementing your personal instructions regarding the distributions of your assets upon death.

Prepare a health care proxy. Establish a healthcare proxy which appoints another person to make health care decisions on your behalf if you were to lose the capacity to do so.

Prepare and legally complete a durable power of attorney. A durable power of attorney is someone you appoint to make financial decisions on your behalf during your lifetime in the event you become incompetent or disabled.

Establish a living trust. A living trust helps you avoid the probate process and allows you to direct how the property is held, managed, administered, and distributed according to certain terms and conditions during your lifetime.

Guide your power of attorney through probate court or help avoid it all together. If a beneficiary contests the will or sues the estate, an estate attorney can consult and represent the estate on its behalf.

Assist with Medicaid planning. An elder law attorney can consult on the eligibility of financial need, exempt property, property transfers, and any claims made against the estate of a Medicaid beneficiary. 

Making appropriate financial decisions on your behalf. An estate planning attorney can assist in the collection of life insurance proceeds, make appropriate elections with regard to retirement plans (IRA’s and 401(k)s), and advise on payments of outstanding debts.

For additional information about how estate planning and elder law work, refer to an attorney at HoganWillig at 716-636-7600 or via our contact page.