Becoming a Client

Understanding the Three P’s of Elder Law and Estate Planning

Elder Law and Estate Planning are most effective when the Client has carefully considered the people, property, and plans that are most important to them.

#1 – People

Who are the Important People in your life? Think of your loved ones: your spouse, children and grandchildren if you have any, perhaps your parents, siblings or other relatives. Beyond these, “Important People” also could include the people impacted by the charities you support, your college or university, or your faith community. For some, “Important People” could even include pets. Spend some time thinking about the impact others have had on your life. Make a list and jot notes if you like. This is where the planning process truly begins.

#2 – Property

By Property we mean your assets in general. Make a list of the assets you own or control. At this point, you do not need to identify insurance policy numbers and exact dollar values. Rather think through your assets in terms of their nature (cash, stocks, bonds, real estate, etc.); their value in thousands of dollars; and your ownership interest: Do you own assets in your name only, in joint tenancy with someone else, or through a trust agreement or some other arrangement? Be sure to include often-overlooked assets like life insurance (the death benefit, not the cash value), business interests, digital assets, and any inheritance you may expect to receive.

#3 – Plans

After identifying the Important People in your life and your Property, the next step is to consider the Plans you would make for yourself and others in the future, and especially in the event of your own incapacity or death.

Who would you name to make decisions for you if you could no longer do so yourself? Would the same person handle your finances and your personal and health care decisions? Who would care for your minor children?

How would you distribute your assets to your heirs? Would you prefer to spare your heirs the potential cost and hassles of the probate process? Would you like to minimize the impact of estate taxes … or maximize the impact of a charitable bequest? Is there someone in your family with special needs for whom you would like to provide? Is there someone who perhaps should not receive a great deal of (or any) money without some outside oversight?

These are just a few of the issues to consider when approaching the planning process. 

Ready for the Next Step?

There is never going to be a perfect time to get started, but once you do, you will have the peace of mind of knowing that you have protected those who are most important to you.  Give us a call today or schedule a phone call when its most convenient for you by using the Book a Call form.