Will Your New Year’s Resolutions Make it Past January?

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WILL YOUR NEW YEAR’S RESOLUTIONS MAKE IT PAST JANUARY?

By Michael Feldman, Esquire

New Year’s resolutions. We all make them. We all try to maintain them. Whether it’s getting into shape, spending more time with family, or cleaning out the guest room closet, resolutions usually make it just as far as the end of January. This year, it’s not too late to accomplish one resolution that is often left neglected: establishing an estate plan.

Contrary to popular belief, you need not be extremely wealthy to have an “estate plan.” In fact, *everyone* has an estate plan, which is, simply put: Who will receive your property when you die and how will they get it? Of course, it’s better to actually “plan” your estate plan in advance in order to ensure your assets pass to those whom you wish in the manner you desire.

A comprehensive estate plan addresses three major concerns: 1) effectively and efficiently pass your assets to the intended beneficiaries; 2) protect the inheritance of special needs beneficiaries (such as a disabled child; and 3) plan for the possibility of your future incapacity.

The first step when establishing an estate plan is to meet with an estate planning attorney to review your estate planning goals. Our firm provides clients with a questionnaire to complete prior to their consultation. This allows us to understand the client’s unique circumstances so our meeting can be focused on how to best address the client’s concerns.

Every estate plan should include a Last Will & Testament and a set of Advance Directives, which allow you to designate someone to handle your legal, financial, and medical affairs if you cannot handle them for yourself. Advance Directives should be tailored to the needs of the client and include a Power of Attorney, Healthcare Surrogate Designation, and a Living Will.

While it is possible to use joint ownership or “payable on death” designations to transfer assets after death, a Will provides a valuable safety net should direct-inheritance methods fail, as well as handling unforeseen assets that become part of your estate (such as a recovery from estate-related litigation). The use of a revocable living trust is sometimes advisable to both avoid probate of assets and handle circumstances that may prove disastrous when relying on POD designations alone, such as when dealing with minors and special needs beneficiaries.

As both an elder law and estate planning firm, we must be mindful of factors that can impact our client’s estate planning goals, such as the possibility of long term care in an ALF or skilled nursing facility. Often, we assist clients with qualifying for public benefits (such as veterans benefits or Medicaid), while maintaining their estate planning desires, to the extent possible.

If you already have an estate plan, then you’re ahead of the game! But life is not static. We recommend reviewing your estate plan with an attorney every 2-3 years or after major life changes, such as divorce, the birth of a child, the passing of a beneficiary.

January is almost here. It’s not too late to make 2021 the year you address your estate planning needs. Then you can finally get to work on the guest room closet.

counsellors at law, p.a.

elder law • special needs law estate planning & administration

2021

Member of Florida, New York, and New Jersey Bars

(954)227-7320

5491 N. University Drive • Suite 102 Coral Springs, Florida 33067

www.feldmanesq.com

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