Do You Have Your Affairs in Order

Posted on

Oct 19, 2009

Book/Edition

Colorado - Colorado Springs

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Whether your estate is small or large, planning is essential to maintaining control of your health and assets, ensuring your loved ones are provided for, protecting your hard-earned dollars, and preserving your legacy.
There are several issues you may want to consider. First, have you planned for the possibility that you might have long-term healthcare needs, either in your home or in a nursing facility? Do you have savings or long-term care insurance to cover the costs? If not, have you sat down with an Elder Law attorney to discuss Medicaid planning?
What legal documents do you have in place, and how recently have you had them reviewed? Most people need either a Will or a Revocable Living Trust as the foundation of their estate plan, depending on their goals, the size of their estate, and the types of assets they own. If you own any real estate or at least $50,000 in other property and want to avoid probate, a Living Trust should be considered. Many people falsely believe that a Will avoids probate and are surprised to discover that their families will endure a process typically taking between 9-24 months and costing an average of 3-4% of the gross value of their estate that's $15,000-$20,000 on a $500,000 estate!

Not only will a properly drafted Living Trust avoid death probate, but it also keeps your family out of the legal process that might otherwise be required if you become disabled. The other documents you need in case of incapacity, either temporary or permanent, are financial and healthcare Powers of Attorney, Living Will, and a Universal HIPAA Release that will enable your family members to communicate with your medical providers in the event of an emergency.
A qualified estate planning attorney can help you put your plans into place, giving you and your loved ones a sense of peace don't put it off!
Editors Note: This article was submitted by Catherine Shell, founder of Hammond Law Group, LLC. and an estate planning lawyer in Colorado Springs. For further information she can be reached at 719.520.1474

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