What is Estate Planning?
Your estate is comprised of everything you own, including bank accounts, investments accounts, real property, cars, life insurance, and personal possessions. A simple definition of Estate Planning is the process of arranging for how your estate will be managed and distributed after your death. It is the execution of the proper legal documents to ensure your wishes are carried out, which includes a Will that leaves instructions for who receives your assets.
However, comprehensive Estate Planning can encompass so much more.
Elder Law Group PLLC Focuses on Asset Protection Estate Planning
The goals of most Estate Planning is to minimize or eliminate applicable taxes for your heirs and simplify the probate process . However, estate taxes do not affect most people. Washington’s estate tax level is just over two million dollars, and the federal level is over five million dollars. Our goal is to help you plan your estate to best protect you, your family and your assets.
Asset Protection Estate Planning™ takes a more comprehensive approach to the disposition of your assets following your death. We work hand-in-hand with our clients to design a plan that does more than simplify or eliminate the probate process. Our holistic approach to Estate Planning ensures your wishes are carried out, minimizes taxes and liens, and gives you the peace of mind that comes with knowing your surviving spouse or domestic partner and family will be taken care of after you are gone.
Some of the fundamental aspects of Asset Protection Estate Planning™ include the following:
- Choosing a Personal Representative to handle all matters related to your estate.
- Protecting assets for your beneficiaries where appropriate through creation of an asset protection Supplemental Needs Trust in your Will.
- Designating an Attorney-in-Fact for financial and medical decisions to speak on your behalf should you become incapacitated.
- Documenting your wishes as to medical and end-of-life care decisions.
- Naming a guardian for your minor or disabled children.
- Simplifying your estate to the greatest degree possible without sacrificing asset protection, thereby making things easier for your surviving family members during what is likely to be a difficult and emotional time in their lives.
Asset Protection Estate Planning™ involves many different components, depending on your desires and the needs of your loved ones. The goal is to help you achieve all of your objectives with respect to your assets, future care of your heirs, and matters related to the end-of-life.
At Elder Law Group PLLC we do not focus just on basic Estate Planning — we focus all of our efforts on protecting the assets you have worked so hard to earn and ensuring your wishes are carried out. Our attorneys have the skill and knowledge to consider all aspect of your situation, explore available options, and help you create the Asset Protection Estate Plan™ that is best tailored to meet your goals.
Contact us or call (509) 468-0551 for personal, compassionate, and competent guidance on Asset Protection Estate Planning™ and other Elder Law issues.