Estate Law Matters We Handle
Drafting a Will
A will is a document which instructs how you wish your assets to passed on after your death. Importantly, a will does not avoid probate. Instead, it provides instruction to the local register of wills as to how the estate will be probated.
Your will should name who you wish to act as the executor (or personal representative) of your estate. If you have minor children, the will should also name a guardian for those children.
Establishing a Revocable Living Trust
Various types of trusts are used for a number of legal purposes. Revocable living trusts are designed to hold assets during your lifetime so that your assets may pass without incurring the time, cost, and expense of probate after your death. Revocable living trusts can receive additional assets after your death, as well, usually by beneficiary designation.
The revocable living trust protects you and your assets if you become incapacitated during your lifetime. Much like a traditional will, a revocable living trust allows you to leave instructions for what happens to the assets after death.
Revocable trusts can be created by an individual or married couple. When you create this type of trust, you retain complete access and control of the trust assets during your lifetime. You can name backup decision-makers, called successor trustees, to manage the trust in the event of incapacity or death.
Establishing an Irrevocable Asset Protection Trust
There are various types of irrevocable trusts that can be incorporated to meet different estate planning objectives. Healthy senior clients who wish to protect their life savings from the devastating cost of long term care often consider an irrevocable asset protection trust.
This type of trust is designed to hold some assets immediately so that if a future long term care event is needed, the assets in the trust are excluded for financial eligibility purposes. This can help you qualify for long term care Medicaid and/or VA benefits more quickly, protecting those assets.
Asset protection trusts requires you to understand how the trust will work during your lifetime and at death. We carefully design the trust to work for you and your family, funding it with appropriate assets.
Determining Powers of Attorney
A power of attorney allows you to designate a trusted person to manage your legal and financial affairs should you become unable to do so. You may appoint one or multiple trusted people to act on your behalf. You also have the ability to make it effective right away, or only after a medical doctor declares you incapacitated.
The power of attorney should give broad and specific authority so that your trusted person may take any action to protect you after your incapacity. Failing to authorize the right people or restricting their ability to protect you can have a devastating impact on your future long term care planning.
Creating an Advance Health Care Directive
Advance health care directives allows you to name a medical decision maker who can only act in the event of your incapacity. Sometimes referred to as a living will, this document also allows you to give critical instructions to your decision maker and treatment professionals, including end of life wishes. Organ donation wishes are also detailed in the health care directive.
Local Estate Planning Support in Millsboro, Delaware
In Millsboro, Delaware, navigating the complexities of estate planning can feel overwhelming, especially for families facing the challenges of aging loved ones. Local resources, such as the Delaware Division of Services for Aging and Adults with Physical Disabilities, provide valuable information and support for those looking to secure their future and that of their family. Understanding the unique needs of our community, we recognize that many residents are concerned about long-term care costs and the potential impact on their estates.
As you consider your estate plan, it’s essential to address the specific pain points that many in our area face. For instance, the rising costs of healthcare and long-term care can significantly affect your estate. By creating a comprehensive estate plan, you can protect your assets and make sure that your wishes are honored, even in the face of unexpected health challenges. Additionally, with the proximity to the beautiful beaches and retirement communities in Sussex County, many families are looking to secure their legacies while enjoying their golden years.
We understand that every family has unique dynamics and concerns. Whether you are a retiree in Millsboro or a family member caring for an aging parent, our team can help you navigate the estate planning process. We are committed to providing personalized legal assistance that reflects the values and needs of our local community. By addressing your estate planning needs today, you can bring peace of mind for yourself and your loved ones tomorrow.
Reach out to DiPietro Law LLC for Estate Assistance
The advantages of estate planning are many, including the minimization of taxes and costs associated with court and other administrative proceedings, long term care, and legal fees. Our firm provides comprehensive help with all these matters, including probate avoidance, estate plan maintenance through our Bridge Program and Asset Protection Planning.
Ready to get started with your estate plan? Talk to our attorneys serving Millsboro and surrounding areas throughout Delaware & Maryland. Contact us at (302) 240-9969 today.
