In a world with easy access to obscene levels of information, estate planning often suffers from common misconceptions. Most information online about estate planning will guide you to secure your assets for what you leave behind when you’re gone, but estate planning is about more than your loved ones – it’s about you, too.
An effective estate plan does not just serve heirs and beneficiaries years down the road. Instead, an effective estate plan actually serves you while you are still here to enjoy the fruits of your own labor, as well.
Your estate plan should make up a meaningful portion of your plan for retirement. This includes taking a look at income, expenses, and savings opportunities (including tax savings) through planning.
Certain trusts, like Medicaid Asset Protection Trusts, allow you to exclude certain assets from consideration in your eligibility for certain government programs. This allows you to ensure you get Medicaid benefits even if you would otherwise be ineligible – saving you significant cash to use in retirement.
What is your current plan in the event that you become incapacitated and are unable to make decisions for yourself? Your estate plan should cover these moments through Power of Attorney designations that allow another individual to make financial and medical decisions when you are otherwise unable to do so.
Planning for incapacity allows your business, financial, and medical needs to be accounted for in all situations. Your bills are still due even if you aren’t available to pay them, so you can save time and money by allowing someone else to take care of these tasks when needed. Power of Attorney designations can also be executed even if you are available – opening an opportunity to delegate tasks you don’t need to be spending your time on.
Securing Your Legacy
How do you want to be remembered? Your estate will be a long-lasting pillar of who you were as a person. An estate plan that secures your legacy serves the person you are as opposed to leaving this up to chance.
You have worked hard to build assets and taking pride in that hard work means executing a successful estate plan. Without an estate plan, you leave your legacy up to chance and give the state more control over the work you put in during your lifetime.
At Hedtke Law Group, we are dedicated to thorough estate planning that not only accounts for what happens when you die but also what you can do while you’re still here. Our team crafts estate plans for our clients that get the most out of their money, allowing for a fruitful and long-lasting retirement. Contact us today and get an estate plan that puts you first.