Estate Planning During Your Lifetime and After
During your lifetime, you might need to consider estate planning, as it can help you in case you become incapacitated. But, did you know that you can also do it after you die? Estate planning is a way of anticipating what will happen to your assets and your estate if you pass away.
When you're talking to a medical professional, it is important to bring along your HIPAA Authorization form. This will ensure that your medical provider will only share information with you that is necessary for your care. This document also prevents medical professionals from trying to argue with your loved one about your health care. In addition to a HIPAA Authorization, a health care power of attorney is also important to include in your Two Spruce Law P.C.. This document is similar to a medical power of attorney, but it is only effective if your physician certifies that you are incapacitated.
Keeping your assets out of probate is a good way to minimize your estate taxes. Probate costs can be substantial and the process can be drawn out for years. It can also make your heirs' financial situation public. Probate can also add to the stress of a grieving family. Probate can include legal fees and administrative expenses. The cost of the probate process can vary by state, but it can add up.
There are a few ways to avoid the probate process, including setting up a trust, naming beneficiaries, and gifting property while alive. Naming beneficiaries on bank accounts and other assets is a great way to avoid probate. Many of these types of assets are called "payment on death" assets. In addition to bank accounts, these assets include life insurance policies and real estate.
