Can be devastating to witness the incapacitation of a loved one who is no longer able to adequately care for himself or herself. It can happen suddenly and unexpectedly, or slowly over a long period of time.
In either case, the mounting legal considerations can be daunting. Who will make decisions for your loved one? Who will determine his or her medical care and living situation? How will your loved one's ongoing needs be met? And most importantly, how do you obtain the legal authorization for managing your loved one's affairs?
A carefully tailored estate plan that includes a power of attorney and advance health care directive can readily provide answers to all these questions.
If you have a child or loved one with special needs, it can be tricky to manage his or her financial needs without impacting his or her eligibility for public programs and assistance. Failing to properly plan for the future can result in numerous hardships. Gifts and inheritances can derail your loved one's current living situation. He or she could be kicked out of public programs, have to spend down assets and face long wait lists after regaining eligibility.
A special needs trust is a critical legal tool for managing the financial needs of a loved one. This type of trust can be set up for any person, at any age, who has qualifying special needs.
Protecting Your Assets Through Estate Planning Save Your Family Time, Money And Stress In The Future
Will — Specifies how you want your assets distributed after death. It can also name a guardian for your minor children.
Trusts, including revocable living trusts, irrevocable trusts, special needs trusts for disabled adults and life insurance trusts
Durable powers of attorney
Medical power of attorney — Empowers another person to make medical decisions on your behalf if you are unable to do so
Directive to physicians — Tells medical providers the level of care to be provided if you face a terminal medical condition
HIPAA release — Enables your doctor to discuss your medical condition with a person you designate
Durable power of attorney — Appoints someone to conduct financial transactions on your behalf.
You are able to better provide for your family and help them to provide for you as you transition from this life if you have put the proper documents in place. You are leaving them vulnerable if you don't. It's also easier to provide for yourself with the proper planning. The more prepared you are on paper, the easier it is for everyone to deal with in the end.
While planning for matters involving your estate in advance may seem costly, it will save both you and your family money, time and stress in the long run. Having the required probate documents drawn up will give you peace of mind that your final affairs will be conducted in the manner you wish, and your family will receive what you have left to them in the easiest way
Our firm can also address other needs such as the creation of a special needs trust. After a major event in your life such as marriage, divorce or the arrival of a child, you should revisit your estate plan. We can update your will and other estate documents for a reasonable fee.
Our goal in every case is to wrap up the financial affairs of the estate as quickly and efficiently as possible, so the estate’s assets can be distributed to the estate’s beneficiaries and heirs. Lexargentina.com will work diligently to make the process as simple and trouble-free as possible for the executor/executrix, while keeping costs at a minimum.
If you wait until the need arises, it may be too late.
For example, many people have not realized that their loved one needs power of attorney until a devastating diagnosis of dementia, Alzheimer's or other serious illness has been achieved. At this time, it is usually too late. Instead, it is important to implement a power of attorney at the first signs of any debilitating condition, or better still, long before such a condition arises.
.Planning responsibly for the future requires a variety of basic, yet extremely effective tools. No matter the complexity or simplicity of your situation, you should have an estate plan that includes a power of attorney.
A power of attorney designates a person, or multiple people, who will be authorized to make decisions for you in the event of incapacity. Without this important tool, you and your family may be subject to lengthy, invasive and expensive conservatorship proceedings. A power of attorney, by contrast, is a simple, quick and inexpensive way to avoid troublesome court proceedings down the road.