#TuesdayTips: Effective Estate Planning

A proper estate plan should provide for the following: (1) the ability to control your property while you are alive and able, (2) planning for you and your loved ones should you become disabled, and (3) after you die, making sure your assets go to the people you love without unnecessary cost or delay. 

A proper estate plan should provide for the following: (1) the ability to control your property while you are alive and able, (2) planning for you and your loved ones should you become disabled, and (3) after you die, making sure your assets go to the people you love without unnecessary cost or delay.  Moreover, for an estate plan to be effective there needs to be proper asset ownership and control of the process.

Every person over the age of eighteen, at the very least, needs a financial power of attorney, a health care power of attorney, and a will.  The powers of attorney are for when you are alive but for whatever reason, are unable to manage your assets or make medical decisions for yourself.  Additionally, the health care power of attorney should include your wishes and instructions for life sustaining treatment should you be terminally ill, in a persistent vegetative state, or at the end-stage of a condition.  These powers of attorney terminate upon your death.  At that time, the will takes effect and your assets would be distributed in accordance with the terms of the will.

In addition to the powers of attorney and will, every estate plan should include long-term care planning.  With the advance of medicine, people are living longer; yet, most of us have not made ample provision for our future long-term care needs.  Creating an estate plan now ensures that you are in control of your future.

With that in mind, here are some questions you should consider:

  1. Do your current documents name individuals that you trust and who would be appropriate (e.g. a family member or other trustworthy person who lives nearby and who has the time and ability)? Have you named alternates?
  2. Does your financial power of attorney allow your agent to engage in asset preservation or long-term care planning?
  3. Who are the current beneficiaries under your will? Are they still alive?  Do you have alternates?
  4. Have you made provision for an underage beneficiary? Does your will provide for a disabled beneficiary?
  5. How are your assets titled and do they have beneficiary designations? If so, you need to review this information to make sure it coincides with your will.

The attorneys at ERA Law Group, LLC today are here to help.  Call today!

#FamilyFriday – Prenuptial Agreements: Why You Should Get One!

There are two ways to dissolve a marriage: divorce and death. Prenuptial agreements help in making the dissolution as easy as possible.

There is a misconceived notion that asking for a prenuptial agreement or discussing it in some way implies distrust or concern over your relationship.  This isn’t true!  There are a significant number of benefits to obtaining a prenuptial agreement that the attorneys at ERA Law Group, LLC want to bring to your attention for this week’s #FamilyFriday article!

Marriage is both a romantic and business relationship.  With very few exceptions nearly everything is or becomes marital.  As such, nearly everything can become subject of costly litigation in the event of divorce or death.  A well drafted and all-inclusive premarital agreement will limit many of these issues.  For example, the agreement will identify what is and is not marital property, each parties’ rights in the event of death or divorce, predetermine rights and obligations for spousal support, inheritance, and more.  In addition, the agreement will have a complete financial disclosure including each spouses’ assets, liabilities, and income.

There are two ways to dissolve a marriage: divorce and death.  Prenuptial agreements help in making the dissolution as easy as possible.  Prospective spouses should consider whether they want to be on the hook for their partner’s debt in the event of divorce or marriage?  Whether they want their spouse from a second marriage to inherit more than their children from their first marriage?  Whether they want their private business to be impacted in the event of divorce or death?

Why wait?  Protect you, your spouse, and your family no matter what life throws at you.  Call ERA Law Group, LLC today at (443) 906-3566!