Milestones

If your child is entering or graduating college, you should be exploring your estate planning options, such as whether or not to include them in partnerships or corporations. It’s also a good idea to review your existing trust distribution ages, and to explore a Power of Attorney to grant you access to education records and student loan account information.

Caring for an individual with special needs is both a challenging and rewarding experience for any family. Make sure your loved one is taken care of if you become unable to do so by putting a plan in place, like a special needs trust, to safeguard your special needs loved one with assets for years to come.

Before getting married, it’s usually a good idea to explore the benefits of a prenuptial agreement with your spouse. It also usually means you should make adjustments and changes to your will and trust, grant Power of Attorney and Healthcare POA, and prepare a Living Will (if you haven’t done so already).

It’s often advised to review and revise your will, Power of Attorney, and Healthcare Power of Attorney sometime between your 40s and retirement. It’s also a great time to set up Estate Planning and Trust Planning strategies, including gifting, asset protection, estate tax avoidance, and setting up irrevocable life insurance trusts, Grantor trusts, Crummey trusts, Charitable trusts, and/or Special Needs trusts.

Retirement is a freeing time in one’s life. Make sure you’re ready by updating your will, setting up or revising your Estate and Trust plans, and preparing for applying to Medicaid through Life estate deeds, irrevocable trusts, income-only Medicaid trusts, and Medicaid compliant gifting strategies.

Preparing for admission to either an assisted living facility, nursing home, or long-term care facility helps prevent any unnecessary burdens on your family. Make sure to go over any Emergency Medicaid planning, including checking for Medicaid eligibility, protecting your assets, and going over any changes to your Will, Power of Attorney, and especially Healthcare Power of Attorney with a Living Will.

It’s a very difficult time in life when your loved one passes away, and it’s often the most difficult time legally. It’s vital, therefore, to make sure you’ve got the legal counsel needed to probate a will or estate, administer an estate and/or trusts, and file a complete inheritance tax return.