When you hear the phrase “estate planning” the first thought that comes to the mind of most people is planning for large wealth and taxes. In reality, estate planning has less to do with taxes and more about protecting and providing for the ones we love.
It is about ensuring your assets are used for your care and the care of your loved ones during a disability or illness and then distributed according to my wishes at the time of my death. We define estate planning as:
The first thing many think of in terms of planning for their estate is coming up with a Last Will & Testament. This only deals with your estate after death, but what about during life? In reality, the risk of becoming disabled is greater than the risk of death, no matter the age. A complete estate plan will select who will decide your personal and business affairs if you become unable to make all decisions for yourself. Who will manage your assets, and make care decisions for your family?
There are many pieces to estate planning and a Will is only one of them. It’s important to appoint a power of attorney for your financial affairs and financial accounts. You may also appoint a health care power of attorney to make medical-related decisions.
If there’s a need to change beneficiaries, or an important medical decision regarding the disability, having a strong power of attorney with a similar life philosophy as the individual is vital.
Your personal estate plan will be backed up on our servers and cloud, secured and private with military grade encryption. We also utilize a secure client-firm portal that the client creates personally which allows our clients 24/7 access to their estate planning documents.
Estate planning is not just for seniors. As soon as an individual is 18, their parents can no longer make decisions for them. Life happens to everyone and planning for your estate makes sure you get a say in your affairs if you suffer from a disability in your lifetime and/or when you pass on. If you don’t have a plan in place, it is likely a court will determine how your affairs are handled.
“In the end I would want all of my family to be present for a care management conference. We make sure establish prior authorization. The right of privacy belongs to the patient. In order to assure the correct decision makers can be in the care conference, proper prior authorization is essential. Who is going to be in the huddle and who is calling the play when we come out of the huddle? Those are the two big questions we ask people.”
Take control of your future by planning today with Richard A. Myers, Jr. & Associates, LLC.