Gainesville Estate Planning Law Blog

Why your estate plan needs a power of attorney for medical issues

The best estate plans are comprehensive and plan for a wide range of potential life circumstances. Ideally, you will live a full and healthy life for many years after the creation of your last will and estate plan. However, life can sometimes take surprising courses, and your estate plan should take common life issues into consideration.

Even if you are currently healthy, you could experience a sudden illness, injury or degenerative condition that renders you unable to provide for yourself and your family. Planning now for the possibility of being medically incapacitated is a wise decision.

Estate Planning and Second Marriages (2).jpgSecond marriages result in a unique set of needs when planning for your estate's future. In most cases, two families are brought together, which makes the process of allocating and distributing assets a bit more complex. Planning for the financial wellbeing of your entire family requires you to have the right tools and resources to protect your assets, minimize estate planning costs, and ensure that all of your wishes are carried out. Establishing your estate planning goals, communicating them clearly, and using the right planning strategies makes it easy to accomplish all of these objectives. 

Choosing a long-term care facility is a big decision

As your parents age, you might have to consider having them somewhere that can provide them with the help they need to do daily tasks. In the early days of them needing help, you might be able to hire a home health agency, but when your parents begin to move beyond the point of only needing sporadic care, you might have to help them find a long-term care facility.

Choosing a long-term care facility is a huge decision. You have to think about a host of factors that can all impact the final options. Here are some points to get you started.

Do you have a health care power of attorney?

As you create an estate plan, you’ll soon turn your attention to creating a will or trust. While you may consider this the most important part of your plan, as it dictates who will receive your assets upon your death, there are other legal documents to consider.

For example, a health care power of attorney is something to consider. With this legal document, you can grant another party, such as a family member or friend, the ability to make medical decisions on your behalf should you be unable to do so on your own.

What Happens to Your Assets When You Enter a Nursing Home?

60.jpgProtecting your assets is one of the many challenges you'll face as you grow older. This is especially true for families that have to deal with mounting medical and home care costs. In many cases, individuals are transitioned into a nursing home to provide ongoing care. But these and other services can be expensive, and your assets may be at risk if you're unable to cover nursing home costs. Knowing what happens to your assets if you go into a nursing home is the first step to protecting the financial wellbeing of you and your family.

Estate Planning for Adults With Special Needs

estate-planning-for-adults-wit.jpgAdults with special needs have unique requirements when it comes to planning for the future. Millions of adults are affected by physical, cognitive, and other health issues. Making sure that loved ones have everything they need is an essential part of estate planning. Chronic health conditions that impact the needs of adults call for ongoing care and resources. Estate planning provides you with the peace of mind in knowing that all of your loved one's needs are taken care of for life. 

Taking care of aging parents? Care for yourself, too

Many adult children find themselves in the crucial position of helping their parents create and execute a plan for growing older. Even with modern advancements, the process of aging is still a complex and expensive one.

If you are one of the thousands of adult children throughout the country who have had the privilege of assisting your parent in this way, you know just how vital it is for you to get your own affairs in order, too. It is fair to say that one of the best ways that you can help those around you, whether it is your aging parents or children of your own, is to make sure that you have an estate plan that takes your own aging into account.

Understanding Resident Rights in Long-Term Care Facilities

Trusts: 3 reasons a pet trust Matters

You're aging, and you love your pets. While you may well be alive for as long as your puppy or kitten survives, there's always the chance that you might pass away before he or she does. What happens to your pooch or cat if you can't take care of him or her anymore? Will someone automatically adopt your pet, or should you take precautions?

One way to move forward is to include a pet trust with your estate plan. A pet trust gives you an opportunity to put aside money for the purpose of caring for your pet when you can no longer do so, whether you're in a nursing home or have passed away. The trust pays out only for the pet's expenses and situations that you deem necessary.

Understanding the Benefits of a Living Trust

understanding-the-benefits-of-.jpgPlanning your estate is an important step to take for the future. It requires challenging decisions that affect the distribution of assets, the care of loved ones, and other aspects of your life. A living trust can provide many benefits to you and your family. It's used to determine the distribution of assets after you're gone, and there are different types of living trusts that you need to be aware of. The following will help you understand living trust benefits and the options that best suit your needs.

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