Plan Your Estate For Yourself & Those You Love
Life is unpredictable and – for better and worse – none of us knows what the future will hold. But we do know that there will eventually come a time when we are no longer around. Thankfully, each of us has the opportunity to plan well for our final days and to ensure that our hard-earned assets are set aside to help those we love.
At Foil Law Firm, we help adults of every age develop a thorough estate plan that spells out their final wishes, bequeaths assets to chosen heirs, minimizes estate taxes and reduces or eliminates the need for a complex succession (probate). And for clients with children or other loved ones who will require continuing care and financial assistance, we offer experienced and compassionate guidance through the creation of special needs trusts and continuing tutorships.
Create A Customized Estate Plan That Fits Your Needs
Each estate plan should be tailored to you and your needs and goals. But while each plan is unique, most contain the same basic documents and legal instruments, including:
- A will: The written legal plan for what happens to your property when you pass away. In it, you should also designate someone to act as the executor of your estate.
- A living will (or advance directive): This document allows you to list your instructions for end-of-life care in the event that you become incapacitated and cannot make or communicate these decisions yourself.
- A healthcare power of attorney: A trusted person you designate to make medical decisions on your behalf if you become incapacitated. This person will abide by the terms of your living will and make any important decisions not specified within it.
- A financial power of attorney: A trusted person you designate to handle your financial affairs if you become incapacitated. This person can access your financial assets, pay bills on your behalf and make important property decisions.
- One or more trusts: These legal instruments are highly effective ways to pass on your assets in the manner of your choosing. They can be custom designed for just about every purpose. We discuss special needs trusts in greater detail below.
- Continuing tutorship: This instrument will allow you to continue to care for your child with disabilities after the child becomes an adult.
Planning For A Loved One With Special Needs
Do you have a child or other family member with physical or cognitive disabilities? If so, then you may want to consider a continuing tutorship for when they become an adult. If you are currently caring for them, you may worry about what will happen when you are no longer around. Thankfully, special needs trusts are a powerful way to ensure that they continue to have access to financial resources and care.
As the creator of the trust and the source of its funding, you would be considered the donor. Your special needs loved one is the beneficiary, and the trust is administered by a third-party trustee acting on instructions you provide when creating the trust.
There are several ways to set up a special needs trust (to suit specific situations), but the end goal is to provide care and financial assistance to your special needs loved one while maintaining their access to much-needed government benefits. During our initial consultation, our attorney will be happy to explain the numerous options available and which is best for your family.
Contact Us To Learn More
Foil Law Firm is based in Baton Rouge, Louisiana, and serves clients throughout East Baton Rouge Parish. To arrange your initial consultation with a skilled and compassionate estate planning attorney, call us at 225-382-3264 or fill out our online contact form.