Is it true that it can sometimes be too late to begin estate planning or asset protection planning? Like most things, the answer is a little bit yes and a little bit no. What it comes down to are the options you have available to you when you begin planning with a Brandon will and trust lawyer. For example, perhaps you may not make it through the 5-year Medicaid lookback period. If that’s the case, asset protection planning may not do you a whole lot of good. However, that point of no return is usually much farther off than people think. If you’re questioning whether or not it’s too late to begin estate planning, take a moment to consider the following items and how they can help you no matter your age:
Last Will and Testament
Most people immediately think of the Last Will and Testament when the topic of estate planning is brought up. And why wouldn’t they? The Last Will and Testament is the most well-known estate planning document. It directs where your assets go when you pass away, and if you have any legal dependents such as grandchildren who you are raising, it allows you to name a guardian to take over when you pass away.
Power of Attorney and Living Will
A Power of Attorney and Living Will, known collectively as designation documents, are critical pieces of any estate plan. These documents let your wishes be known for both your finances and your healthcare if you ever get to the point where you cannot make those choices for yourself. Designation documents are especially helpful as you get older because they allow you to appoint another person to take care of your finances and help you with any healthcare decisions that may come up, since these activities are typically more difficult to perform as we get older.
Revocable Living Trust
Revocable Living Trusts are only for the very wealthy who wish to leave trust funds to their beneficiaries, right? Wrong. Establishing a Revocable Living Trust is a good way to ensure your private matters are not made public, both before and after you die, and to make sure your beneficiaries receive the legacy you want to leave for them. Most people think they don’t have enough assets to fund a Revocable Living Trust, but they’re probably not looking at all of their assets together that are countable in a probate estate. These included houses, real property, and even automobiles. When you add everything up, it might turn out that your net worth is a lot higher than you thought.
If you’d like to begin estate planning or asset protection planning, or if you have an existing estate plan and would like to have it reviewed, please contact us at (813) 438-8503 to set up a consultation.