“Wealth preservation” is a much better term for estate planning. Many people think that estate planning is only for high net worth individuals with huge homes and lavish lifestyles. To the contrary, there are many opportunities for tax savings and avoidance of litigation that are possible with properly drafted and executed documents – savings that people who are not rich (yet!) can really use. I will ensure that your documents are legally effective, optimally strategized, and that your beneficiaries can rely on my office to retain copies and serve as a “situation room” for if and when it’s time to carry out aspects of your estate plan. When you call me, I can help you get started with properly documenting these critical matters with the sensitivity they deserve, and ensuring that your beneficiaries have a place to turn when the time comes. Basic estate planning documents are as follows:

Will – the document by which you name your beneficiaries and how you wish for your property to be distributed to them. In your will you can also nominate guardians for your children.

Trust – a device that legally holds title to your assets and allows a “trustee” (potentially also you) to manage those assets for the benefit of those you name as “beneficiaries”. What many people don’t realize is that trusts can be revocable (allowing you to transfer the assets out at any time), and that depending on the purpose of the trust, you may also retain control of the assets. Trusts can help you avoid taxes, avoid probate and the ensuing legal fees and public hearings, plan for eligibility for state and federal benefits, protect your assets from creditors, and provide directives for distribution of assets (such as directing that beneficiaries shall inherit upon designated events such as attaining certain ages or after the passage of periods of time). There are many types of trusts that can accomplish various goals.

Durable Power of Attorney – a document that names individuals to act on your behalf to handle financial obligations in the event that you are unable. The Durable Power of Attorney can be invaluable to ensure that those you entrust with your financial affairs are able to pay bills on your behalf, buy and sell assets as appropriate, even to make gifts on your behalf if you so desire, and otherwise manage your finances. I will ensure that your Durable Power of Attorney is as specific as possible in order to maximize the likelihood that financial institutions will be willing to rely on your directives.

Healthcare Proxy – a document in which you designate a decisionmaker for your healthcare decisions in the event you are incapacitated, as well as a “living will” or statement of whether you would like lifesaving measures to be undertaken.

HIPAA release – a release by which you allow your medical care providers to discuss your medical treatment and provide your medical records to the individuals you name in your Healthcare Proxy and/or other trusted individuals.

When you call to discuss putting your wishes in place, I will guide you through your options and help you enact the best plan for you and your family. You don’t need to have every decision made – I may be able to propose solutions that you had not even considered, and many aspects of your plan may be easily revisable at a later time. The most important thing is to put the necessary documents in place to ensure that you use every protection available to preserve your wealth, to carry out your wishes, and to provide for your loved ones. I look forward to speaking with you.