Everyone has an estate – whether large or small – that includes their money, property, belongings, businesses, and other assets.
Estate planning is about ensuring that your assets are managed, protected and distributed in line with your wishes – both upon your death and in the event you are incapacitated and cannot do it yourself. Incapacity is a significant issue to consider as our population ages and more people experience health problems, such as temporary or permanent disability.
Without the proper documents in place when those events occur, a court may decide on the control and distribution of your assets and appoint a guardian or conservator to make decisions about your health care.
While many people recognize the value of having a Will and Trust, there are other key documents that are too often overlooked. MAI works with clients to ensure that these essential documents are in place to allow your family and trusted advisors to make decisions for you if you are incapacitated, including:
Financial Power of Attorney
Advance Medical Directive
Estate planning is essential to controlling what happens while you are living and upon your death. As a fiduciary committed to protecting your best interests, MAI can help you simplify the complexities of estate planning and achieve your goals by aligning the right strategy, establishing a complete set of documents, and making sure everything is updated on a regular basis. Contact us to learn more.
Source: Ivan & Daugustinis Estate and Tax Attorneys – information updated as of January 24, 2024. The opinions and analyses expressed herein are subject to change at any time. Any suggestions contained herein are general, and do not take into account an individual’s or entity’s specific circumstances or applicable governing law, which may vary from jurisdiction to jurisdiction and be subject to change. Distribution hereof does not constitute legal, tax, accounting, investment, or other professional advice. Recipients should consult their professional advisors prior to acting on the information set forth herein. In accordance with certain Treasury Regulations, we inform you that any federal tax conclusions set forth in this communication, were not intended or written to be used, and cannot be used by any taxpayer, for the purposes of avoiding penalties that may be imposed by the Internal Revenue Service.