Your estate plan is a living document. When your life changes, so should your estate plan. One of the biggest reasons someone may choose not to make updates is the cost of doing so.
Ironically, it is less expensive to do it right the first time. In addition to failing to modify your estate plan, other everyday things could result in poorly-crafted plans—choosing the wrong attorney for one. There are several avenues your attorney could lead you down. The correct one is the plan that grants your peace of mind and protects you along with your assets.
Some people may never see all the options that are available to them. For instance, is your attorney offering advanced long-term planning for various income levels?
Understanding The Terms
Some significant differences and advantages come with all your estate planning tools. When you meet with your attorney and ask to create a trust, you will learn there are several types.
If there is a miscommunication of terms, you could find yourself utilizing the wrong tool. Did you opt into establishing a revocable trust when you needed the protections that come with an irrevocable trust?
“Protected”
Either you or your attorney may use this word. He may say you are protected, and you may believe it. But you need to define what that term means.
You are not seeking to protect your assets when you go to a nursing home. You need and deserve more than that. Proper protection means that your assets are safe after you pass away.
When it comes to asset protection, you must look at it from two different perspectives. Does your estate plan safeguard both you and your family—the people you love most in the world?
The ultimate solution is the one that is done correctly—which requires an attorney who can foresee potential pitfalls before they happen so he can shield you from them now. That’s a level of peace you cannot afford to miss.
There’s No Crystal Ball
No one can predict the future. But an experienced estate planning attorney has seen a lot of outcomes. Some of which happen more frequently than others. You can stack the deck in your favor with the right estate plan that addresses the most amount of contingencies.
Elder Advisors Law
Whether you need to have your trust reviewed to verify your degree of protection—or if you need to establish one, contact us to schedule a consultation. Our trusts can be up to 80 pages long because we want to safeguard our clients to the fullest extent. If you want to learn more, ask us about our complimentary workshops.
Elder Advisors Law
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