After a really challenging year of natural events (tornadoes, fires, hurricanes) and now Coronavirus, it’s hitting home for a lot of people just how unpredictable life can be. Now is also a good time to point out that estate planning is about so much more than “who gets what” after death. For example, if you wound up in the hospital for weeks or months due to an illness, having a simple Power of Attorney document in place would allow someone else to pay your bills and manage your affairs until you get better.
And, a healthcare directive would allow someone you trust to communicate with doctors and make any decisions in the event you could not speak for yourself (say due to being extremely medicated, in a coma or on a respirator). April 16 has been declared a National Health Care Decisions Day, in an effort to educate and encourage every adult to get a health care directive or power of attorney in place.
Almost every adult, from young parents to senior citizens, has thought about needing to “get their ducks in a row” financially and legally. We have many discussions each week with such clients about their resources and goals for future security for themselves and their family members. Without fail, they find peace of mind in developing a plan that will support their control and independence for a lifetime and will provide financial and health care security for their loved ones.
A well-built plan can:
- select your most trusted guardians for young or disabled children;
- designate the persons who will be able to make financial and health care decisions about your affairs if you become incapacitated;
- name a trustee to hold and manage assets for a spouse, child or other family members who may not be able to properly manage for themselves;
- structure your assets in order to be able to access available public benefits like Medicaid for care needs;
- protect your assets from claims of creditors (and predators);
- save taxes for you and your loved ones;
- eliminate confusion, chaos and controversy among your heirs; and
- allow you to sleep soundly knowing that YOUR DUCKS ARE IN A ROW.
Fortunately, we can help you take steps to make sure that your affairs are in order and that life will be as secure and easy as possible for everyone if circumstances change. But, you have to start that process. Please don’t wait to learn how easy it is to put a plan in place for your family. Contact us by calling our office at 601-987-3000 or contacting us through our website, www.elderlawms.com, and let’s get together to talk about how we can help.