Planning for incapacity is one of the most essential, and often overlooked, components of a complete estate plan. A Durable Property Power of Attorney enables you to nominate an agent, and ideally a backup agent, who can act on your behalf to manage your property and finances. The Power of Attorney can be effective immediately…

Should irrevocable trusts be used in Medicaid planning? Certainly, gifting of assets can be done outright, not involving an irrevocable trust. Outright gifts have the advantages of being simple to do with minimal costs involved. Many financial institutions have their own documents they use for changing ownership of assets so there are typically no out-of-pocket…

The benefits of a highly detailed, comprehensive power of attorney are numerous. Unfortunately, many powers of attorney are more general in nature and can actually cause more problems than they solve, especially for our senior population. Let us look at the top benefits of having a comprehensive durable power of attorney. 1. Provides the ability…

In many cases, beneficiary designations can be used as a simple method for avoiding probate without the necessity of a trust. However, there are a number of circumstances where relying on beneficiary designations alone may not be the best way to accomplish estate planning goals. Such circumstances call for a Testamentary Trust, created under the…