ESTATE PLANNING
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Statistically, more than half of Americans have no documented plan in place for their future, but estate planning is critical for all adults. A proper plan protects your assets and simplifies the probate process to relieve stress for your family particularly while they are grieving. A qualified attorney can review your assets and use various protection vehicles and tools to best distribute your cherished belongings to your loved ones after you pass away. Without a proper plan, your assets may be tied up in probate, taxed, or distributed in ways you never intended.
Estate Planning is about creating a personalized strategy that fits your situation. Online forms or inexperienced attorneys may not provide the right options or advice and instead merely offer generic forms that are legally invalid or do little to protect your assets.
While some believe that an estate plan is only necessary if you have a high net worth, in reality it is also an important process for individuals and families with more modest levels of wealth. It can protect minor children and name a guardian to look over them if the worst should happen, or prevent your home from being tied up in probate for years. A good estate plan can also offer clear direction to your loved ones, preventing conflict and eliminating any guesswork as to what you would have wanted.
Creating an estate plan can seem daunting at first, but it is simple with the help of a qualified estate planning attorney. Your attorney should be doing the following in order to draft a personalized estate plan:
- Analyzing Your Assets/Liabilities
- Creating a Plan With Your Legacy and Intentions in Mind
- Implementing Strategies to Minimize Taxes and Probate
- Knowing the Relevant Estate/Probate Laws in Virginia
- Determining Long Term Care Options
- Properly Planning for Medicare and Medicaid
- Creating Guardianships and Conservatorships
- Notarizing and Executing All Documents
By working with a skilled estate planning attorney like Jonathon Maddox Esq., you can preserve more of your wealth, minimize your taxes and establish a strong plan for the future. Estate planning includes:
- Drafting a Comprehensive Estate Plan
- Creating a Will and Any Additional Estate Planning Documents
- Utlizing Tools like Transfer on Death Deeds (TOD’s), Small Estate Affidavits, Trusts, etc.
- Drafting or Updating Advanced Medical Directives to help with long-term health care needs
- Assisting with Medicaid eligibility and Medicaid Planning
- Creating or Updating a Power of Attorney for your Financial Concerns
- Drafting Revocable Trusts, Irrevocable Trusts, Special Needs Trusts, CRUTS, ILITs, and many other useful tools for charitable donations and wealth transfers.
- Building a Multi-Generational Wealth Plan
Maddox Law can help protect your legacy and provide peace of mind for your family, while addressing your specific concerns. Don’t let too much time pass and neglect your future. Let a qualified attorney who specializes in estate planning help you.