Estate planning is the process of creating a plan that designates people you trust to manage your assets and health care in a crisis and manage your estate upon your death. Upon death, the plan explains who receives your assets, as well as how they receive them. This may be through a direct distribution or a trust.
Probate is the legal process of distributing one’s assets after they die. Typically, this may be according to their will or by operation of state law. During probate, a court oversees the distribution of your assets and ensures that debts and taxes are paid. Everybody’s situation is different. In some cases, the probate process can be relatively straightforward. Other times, the process is lengthy, complex, and expensive.
Age, illness, or disability may necessitate long-term care. You can ensure that you are prepared for the future by engaging in long-term care planning. However, if an emergency strikes and care is needed right away, you can put a plan in place to save a significant amount of your assets.
We work with our clients to evaluate their current and future needs, financial resources, and options for long-term care. This may involve creating legal documents such as an asset protection trust or spending down to qualify for care immediately. The goal of planning for long-term care now or for the future is to provide peace of mind and ensure that our clients receive the care they need, while protecting their assets and financial security.