5 successful Estate planning tips worth knowing

No matter the wealth you have amassed over the years, you need to work on your estate plan. It is rather foolish to assume that estate planning is only for old people. You don’t need to be a billionaire to plan your estate either. The eventual goal is to honor your wishes at all times, even after your demise. Here are five successful tips for every adult.

A real estate lawyers melbourne operates on your behalf and creates a contract that is tailored to your situation and includes all necessary legal elements.

  1. Contact a Hamilton estate planning lawyer. Before you make an estate plan, you must consult three important professionals – your financial advisor, accountant, and attorney. You don’t need any random attorney but someone who specializes in estate planning, Medicaid planning, and elder law (preferably). Your attorney can guide you on the basic dos and don’ts and other key aspects. 
  2. Make a list of your goals and wishes. Your attorney’s job is to ensure that your estate plan is compliant with the law. You need to make a list of what you would want to do with your wealth and assets. You must also choose a healthcare proxy and someone who could take over and make financial decisions if you are incapacitated. Talk to your lawyer to know what you can possibly do to achieve these objectives. 
  3. Discuss the of a Trust. Trusts allow you to protect your assets for your beneficiaries. The trust comes into effect once the assets in your name are transferred to the trust. You can have complete control over what happens to the assets and how the trust is managed. You can choose trustees or even appoint yourself as the trustee of your trust. 
  4. Don’t miss talking about federal estate taxes. Talk to your lawyer if you think your estate is subject to federal estate taxes. Depending on other factors, your lawyer could advise on tax planning strategies and how you can rearrange or plan your estate for potential savings. 
  5. Think of Long-Term Care. Your estate plan is not about your loved ones alone. It should provide for you for the future. Long-Term Care is one of the key aspects of estate planning, and there are ways you can make provisions for yourself. Based on your income and assets, you can also plan to qualify for Medicaid. 

Talk to an experienced elder law or estate planning attorney to know more. You should consider creating an estate plan as early as possible. Also, you can choose to revise it as many times as needed. 

Related posts