Topics to Discuss with Estate Planning Attorneys

Estate planning involves the organization and distribution of assets and affairs upon a person’s instructions. Although it may seem like a distant concern, it is never too early to address these matters. Further, knowing that your loved ones will be taken care of can give you a sense of peace about the future. 

It is essential to work with experienced estate planning attorneys who prioritize meeting your individual needs and safeguarding your assets. Before booking an appointment, you can prepare for the meeting with a list of topics you want to address in order to establish a smooth estate planning journey.

Important Documents

Estate planning is intended to detail your wishes in a legally compliant and enforceable manner; therefore, ensuring you have all the necessary documents taken care of is essential. There are several crucial legal documents that you should discuss when you meet with your estate planning attorney. 

Last Will and Testament

The best-known and arguably most important document is the Last Will and Testament. It documents your wishes in a legally binding manner and ensures that they can be executed smoothly. 

A complete will can designate guardianship for minors and appoint an executor or personal representative to handle your property. This executor can make sure that your property ends up in the right hands and that it will be divided up between your loved ones and family as you wish, which includes any restrictions placed on the use of the property to protect beneficiaries. 

Power of attorney

A general durable power of attorney appoints a trusted individual to make decisions on your behalf involving financial matters upon your incapacitation.

A healthcare power of attorney appoints a trusted individual to make medical decisions on your behalf if you are incapacitated or unable to communicate. 

Trusts

Trusts are legal arrangements that can help your estate avoid probate court involvement. Placing assets in a trust can also protect beneficiaries (especially minors) while also reducing potential tax requirements. An estate planning attorney can help you set up the trust and appoint a trustee.

Health care directives

Health care directives pertain to end-of-life care. These documents enable you to express your wishes, helping your family make difficult decisions concerning end-of-life care should you reach a point where you are unable to communicate. This subject is difficult to think about, but planning can help your family navigate this situation as you would want them to.

HIPAA release

HIPAA release forms allow appointed agents to access protected medical information that could be relevant to medical decisions should you become incapacitated. HIPAA release documents can be filled out to give a named person the authority to access your personal information in certain circumstances.

Living will

A living will states your wishes for how you will be treated if you become terminally ill and unable to communicate. An attorney can guide you through your medical wishes and advanced care decisions.

Guardianship declaration

A guardianship declaration is a document that details who would take care of your children should they still be minors at the time of your death. This can also be used to detail what happens if both you and your spouse pass away at the same time.

Taxes

Navigating taxes that can impact your estate execution can be complicated. When speaking to an estate planning attorney, discussions should cover the following types of taxes:

  • Estate taxes: These describe the taxes that are imposed on asset transfers upon the death of an individual. A set amount can be transferred without being taxed, and this is referred to as an “estate tax exemption.”

  • Gift taxes: When you give money or property to other people, you pay gift taxes to the government. Smaller gifts can be made each year due to a yearly exemption; however, larger gifts are added up and taxed at the end of your life.

  • Generation-skipping transfer taxes: This type of tax applies to transfers that are made to beneficiaries who are more than one generation younger than their donor. 

  • Income taxes: Income taxes also hold implications in the estate planning process, and it is important to discuss these with your estate planning attorney to minimize tax burdens for your beneficiaries and your estate. 

Giving Options

At Minor Keele Parke, our attorneys understand that charitable planning is another key aspect that many clients wish to consider. It is an opportunity to build a legacy that goes beyond your family and makes a statement about what matters to you.

When discussing philanthropic endeavors with your estate planning attorney, you will need to cover:

  • Strategic planning: Determine how to fulfill your charitable goals and create an impact that goes beyond your lifetime.

  • Charitable giving: Learn strategies to maximize the benefits of charitable giving through monetary gifts, life insurance proceeds, and/or transfers of property. 

  • Experienced counsel: Consult with knowledgeable professionals to ensure that this personal and meaningful endeavor is handled with care.

Asset Protection

Asset protection is a crucial step in safeguarding specific assets from various threats, including creditors, lawsuits, or failed marriages. Estate planning attorneys can identify risks and implement the necessary steps to protect your spouse and/or children. 

Owning a rental real estate or professional practice, leaving an inheritance, having a higher potential for a lawsuit due to risky business activity, or being a target for predatory lawsuits are all risks that you should use asset protection strategies to mitigate.

Incapacity Planning

While estate planning is primarily focused on what happens upon death, a thorough plan should also be in place to support you through potential physical or mental incapacitation.

Incapacity planning helps to create a plan for unforeseen factors such as injuries, illness, and mental deterioration. We want to ensure that you can rest assured knowing your life will be in order, even in the face of tragedy and unexpected obstacles.

Local Estate Planning Attorneys

Each of these topics is a crucial part of the estate planning process, and having a better understanding of these matters can help you enter meetings feeling more confident about your goals. 

At Minor Keele Parke, our estate planning attorneys can help you develop a deeper understanding of these topics and provide personalized advice to help you reach the best outcomes for you and your loved ones.

We are here to guide you through every aspect of estate planning. For a streamlined process that protects your assets and beneficiaries, schedule a consultation with our friendly experts today.