Estate Planning
Property
Whether now or in the future, planning for the care of your property is an important step in protecting you and your family, regardless of where you are in life.
Whether now or in the future, planning for the care of your property is an important step in protecting you and your family, regardless of where you are in life.
In developing an estate plan, we work with you to help ensure:
You don’t have to be wealthy or own a lot of fancy things to have an estate and need it protected. In fact, everything you own from house (and everything in it) to car, to savings and checking accounts, all count as part of your “estate.”
Before we can develop a solid estate plan, you will need to consider the following:
Who do you want to be responsible for collecting your assets after death? They will be responsible for:
If you have children under legal age, who do you want to take responsibility for them? A guardian will be responsible for raising and caring for your children after you are gone.
If you have children under legal age, who do you want to be responsible for administering and accounting for any property they may own, or come to own as a beneficiary of your estate? That’s what your conservator(s) will do.
What type of title to your assets should you and your spouse have? Types of title to consider:
Or you may choose to hold some other type of title.
If you cannot care or make decisions for yourself, who do you want to be responsible for making decisions about your care? They might be making decisions regarding the following:
If you are unable to manage your financial affairs, who do you want to be responsible for that? They might be paying your bills, making investment decisions, managing your property and real estate.
Who are you going to leave your property to? Remember that when buying life insurance and retirement benefits you must name a beneficiary. Have you kept this up to date? When prepare a Will, who are you naming to receive your property and financial assets?
A trust can provide asset management especially if you have children who are not old enough to manage property on their own. A well-drafted trust, through the team at Chester McLaughlin, can:
Is your estate large enough to be subject to federal taxes?
Do you have a disabled child who is receiving public benefits that have financial eligibility requirements?
A well-drafted special needs trust can ensure the assets held by the trust are not counted in the public benefit eligibility determination. Our team can help…
Many people think a Last Will and Testament constitutes an estate plan. While it is usually the best first step, it is not an estate plan by itself. A comprehensive estate plan includes a number of other components:
A legal document that itemizes distribution of your property to beneficiaries upon death. It also names an Executor or someone who will manage your estate and handle the paperwork. It will also name conservators and guardians if you have children under legal age, specify any special gifts and include burial instructions.
Under Arizona law this allows you to provide written instructions regarding what type of medical treatment you want if incapacitated and unable to make those decisions for yourself.
Typically, your living will would give clear direction regarding artificial ventilation, artificial food and fluids, CPR, and dialysis.
A person appointed to handle your finances on your behalf. This person has the power to make binding decisions that affect your money and other assets. They may be responsible for:
Also known as “Medical Power of Attorney,” or “Healthcare Proxy.” A legal document that allows you to assign a person to make health care (including mental health) decisions for you if you are unable to make them yourself. They can access your healthcare information in compliance with federal HIPPA laws.
Mostly recommended in cases where the individual has a history of mental illness and mental health treatment, and wants to give very specific instructions about the mental health care they want or do not want. The person appointed would be responsible for acting according to the principal’s wishes.
Commonly known as a DNR (Do Not Resuscitate) or Orange Form. This document is used to let medical technicians like EMS and paramedics know that you do not want to be resuscitated if your heart stops beating or you stop breathing. The decision to get a DNR is a personal one between the person getting it and their loved ones. A DNR must be signed by a health care professional and carried on your person or posted prominently in your home, such as on a refrigerator to be valid.
A trust is used effectively in certain situations, but it’s not helpful for everyone. A trust is most useful for:
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