Estate Planning Is More About Protecting Your Family Than Money
By: Paul Lorah
Estate planning is not just for the wealthy or just for older people and it's not just for when you pass away.
These are just some of the misconceptions people have when they think of or hear someone talking about estate planning.
The truth is, everyone should have an estate plan because it's just as much about your wishes and protecting yourself and your family as about money.
This process involves planning so that you and your family are cared for in the event you are unable to.
The most important part of any plan is having all of your legal documents created and accurate. Everyone and especially those with a family need to have the proper legal documents created and available in the event of an emergency.
Question 1 - If you were to become incapacitated tomorrow, what would happen to you and your family?
Who would make decisions for your health care, your finances, your family. if your married, maybe your spouse will. However, without the proper legal documents in place they may not be able to access all of your finances and many hospitals or care facilities may not allow your spouse to make decisions on your behalf without the proper legal documents, such as a Health Care Power of Attorney. Without a Financial Power of Attorney in place your spouse will not be able to access any financial accounts that are not owned jointly.
Question 2 - What about your kids! Suppose you and your wife are in your thirties or forties, have 2 children under 18 and are healthy. A proper estate plan may be the furthest thing from your mind right now. However, it shouldn't be.
What of you and your spouse are out for date night and you are involved in a car accident and both of your are seriously injured and unable to communicate for several months or were killed. Who will take care of your children, who will ensure that the bills are paid and all of the care that you provide is available to them.
Contrary to popular belief, a family member may not always just assume care of the children and even if they could, again who will ensure that your house is cared for, your bills are paid and all of the other items that you do on a daily basis to ensure the well being of your family is completed.
Do you want to come out of the hospital and find that your car was repossessed, your house foreclosed on and your children are in foster care? It may sound a little extreme but it does happen.
Everyone at any age can have an unfortunate circumstance occur that could devastate their family.
Discuss a proper plan so that you can ensure that your family will always be protected.
Author Paul Lorah is a Medicaid and Long Term Care Planning expert who has authored such books as "Planning and Paying for Long Term Care' and "How to Get Medicaid to Pay for Your Long Term Care Costs".
Questions? contact us today 855.471.6771