With basic planning, you can preserve family wealth and investments.
The firm's estate and trust attorneys consult with clients to develop comprehensive wealth preservation, business succession and estate plans. In this regard, a growing number of people will face the issues of long-term nursing care. Expensive long-term nursing care can be financially devastating. However, basic estate planning can avoid adverse consequences.
With basic planning, an individual with disabilities may receive governmental benefits and have an unlimited amount of assets held in a Trust for their benefit.
A Supplemental Needs Trust (sometimes called a Special Needs Trust or "SNT") is a specialized legal document designed to benefit an individual with a disability. A SNT enables a person under a physical or mental disability, or an individual with a chronic or acquired illness, to have — held in Trust for his or her benefit — an unlimited amount of assets. In a properly drafted SNT, those assets are not considered countable assets for purposes of qualification for certain governmental benefits.
With basic planning, an individual can avoid the unnecessary cost of a guardianship proceeding if a person suddenly becomes incapacitated.
A durable power of attorney is one of the most important estate planning documents you can have. It allows a person to appoint someone to act for you (your "agent") if you become incapacitated. Without a power of attorney, your loved ones would not be able to make decisions for you or manage your finances without court intervention to appoint a guardian, which is an expensive and time-consuming process.
There are many do-it-yourself power of attorney forms available; however, it is a good idea to have an attorney draft the form for you. There are many issues to consider and one size does not fit all.
In addition to a durable power of attorney, the attorneys at Sahn Ward Braff Koblenz Coschignano, PLLC recommend having a Health Care Proxy and Living Will in place.
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