By Mariann Crincoli, Esq.
January is the start of a new year, bringing new hopes and possibilities. It’s also National Financial Wellness Month, a great time to make sure you have a comprehensive estate plan in place to protect your family and your special needs child into the future.
Why is having an estate plan important, no matter the size of your estate? Through estate planning, you ensure that your assets will go to your intended beneficiaries. You also may save money on taxes, court costs, and attorney’s fees, and prevent disputes and financial confusion among heirs. In addition, you can protect your estate assets against the catastrophic costs of long-term medical and nursing care.
Generally, estate planning is not a project to undertake without expert advice and guidance. The estate planning process typically involves working with your financial, tax, and legal advisors to develop a customized estate plan, and this is where an experienced estate planning attorney like SGW’s Alex M. Hilsen can help.
Many Estate Plans include the following:
- Last Wills and Testaments
- Durable Financial Powers of Attorney
- Advance Medical Directives
- Revocable and/or Irrevocable Trusts
- Insurance Trusts
- Charitable Remainder Trusts
- Minor’s Trusts – Spendthrift Trusts
- By-Pass or Credit Shelter Trusts
- Marital Trusts (QTIP)
- Grantor Retained Annuity Trusts or Grantor Retained Uni-Trusts
- Qualified Personal Residence Trusts
- Planning for Disabled Children
- Life and Long-Term Care Insurance
- Gifting Strategies
- Business Succession Planning
- Family Limited Partnerships
- Pre-Nuptial Agreements
Already have parts of an estate plan? You’ll want to feel confident that you have all the pieces you need for comprehensive and individualized protection, and that everything is up-to-date to reflect a rapidly changing economy. Attorney Hilsen can help you review and revise your estate plan to make sure that it is current and working toward your financial planning goals.
As we enter a brand new year, the team at Sussan, Greenwald & Wesler stand ready to bring you the peace of mind of knowing that the future of your special needs child is well-protected.