As recent unexpected celebrity deaths have shown us it is important to have a plan to distribute your assets after you become incapacitated and subsequently die. Estate planning is imperative so that your choices and values are respected after you are no longer there to make them. An estate is defined as everything a person owns or controls at the time of capacity in death; including money, property, and personal and business assets. It also includes debts such as mortgages, credit card balances, and estate and income taxes.
The goal of estate planning is to consider the lifetime needs of the individual doing the planning and his or her loved ones.
An estate plan addresses an individual’s wishes to:
An estate plan is a set of legal documents or tools that provide instructions for accomplishing the three main goals stated above. These documents may include legal and medical powers of attorney, a will, trusts, and beneficiary designations. Estate planning is not only for “wealthy” individuals, it is important for everyone. Estate planning is essential for families with modest assets as they can afford to lose the least.
Essentially estate planning is giving you peace of mind that all your affairs will be covered. This is something that will greatly benefit yourself and your loved ones. One great way to begin creating the foundation for estate planning is to work with a Certified Senior Care Adviser (CSA). A Certified Senior Adviser is a professional who has received specialized training in aging and the important issues that affect seniors. Our resident CSA at Rose’s Place is Maya Garrett Loggins . If you have any questions about long term planning feel free to contact us!