Wills and trusts should be created by everyone. While many people mistakenly believe that only people who are older need to think about the steps of an estate plan, this is not the reality. A tragic death could happen any time, even to younger people. If you are not prepared with wills and trusts and something happens to you, your family could find themselves facing many difficult decisions and the value of your assets and estate could be significantly diminished.
The Law Office of Michael Robinson, P.C. can provide assistance with the creation of trusts and with the creation of a last will and testament. We help people of all different ages and we can work with you to define what types of estate planning you need based on your current life situation.
Whether your goal is to make sure your young children are provided for if something happens to you or you want to avoid family fighting and help facilitate the transfer of assets to other friends and relatives, we will work to make your plans into a legal reality.
Why Everyone Should Create Wills and Trusts:
Elderly people are often more likely to create wills and trusts because of the statistically greater likelihood that a senior citizen will pass away. The reality, however, is that accidents and illnesses can strike anyone of any age. As the Centers for Disease Control and Prevention report, there are 130,557 deaths because of unintentional injury each year on average, and unintentional injury is the fourth most common cause of death. With even younger people at risk, there is no excuse for anyone not to have some type of estate plan to protect their assets and the people who they love.
You need to consider creating an estate plan when you are younger because you may have minor children who are dependent upon you for their care. If something happens to you and to the other parent, you want to ensure you have made provisions so the children will be entrusted to the care of a guardian who you can count on to raise them in a way you would see fit.
You may also wish to leave money to provide for your children, to cover the costs of their education, and to meet the other needs they may have when they are growing up. Putting assets into a trust and/or purchasing life insurance to provide for a child can be a smart choice for parents and it is something that an estate planning attorney will help you to do.
The creation of a will can also give you the opportunity to provide other instructions for what should happen to all of your property and all of your assets if you pass away. If you do not make a will, your family could end up fighting over who gets what types of property. This could create dissension at a time when your loved ones should be coming together to keep the family strong after your death.
You also should consider creating trusts when you are younger because these trusts can then provide protection for your assets. If you get older and eventually require nursing home care, you probably will not be able to get insurance to cover the costs, since most private insurance providers do not pay for nursing home care. Medicare also does not pay for care. Medicaid will pay for your nursing home bills, but there are strict limits on the resources you are allowed to have when qualifying for Medicaid. If you haven’t made a plan to protect assets by putting them into a trust, you could end up having to spend the money and even sell property. Your Medicaid plan needs to be made at least five years prior to the time you require benefits to protect the maximum in assets, so starting to plan early and creating a trust when you are young means you will have less risk of financial loss in case a nursing home is ever needed.
Getting Help from a Rochester and Finger Lakes Wills and Trusts Lawyer:
A Rochester and Finger Lakes wills and trusts lawyer can help you to determine if you should create a will and if you should create trusts. Your attorney can explain how these different legal tools can benefit you. Contact The Law Office of Michael Robinson, P.C. to find out more about the assistance we offer with all aspects of estate planning so you can protect your family and assets. Give us a call at 585-374-5210 or contact us online to learn more. You can also download our free estate planning checklist for some important info on wills and trusts.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022