The National Care Planning Council is focused on promoting public awareness of the need for long term care planning. With major medical advances, people are living longer and longer. However, more and more people will need some type of long term care whether it is in an assisted living facility, nursing home or with the use of home health assistance.
Long term care can be very expensive, oftentimes thousands of dollars per month. Through proper planning out of pocket costs can be minimized. When it comes to estate planning, choose a law firm that is focused on your needs. Allen Law Office PLLC advises individuals about the legal challenges facing them. We counsel and provide clients with solutions.
Our unique process ensures that from the moment you engage our services, you are empowered with knowledge and provided a plan that is tailored to your situation. We realize that you have choices when choosing an attorney, and we believe that you should choose a specialist. We are not a general practice law office, rather we specialize in estate planning.
Long term care can be very expensive, oftentimes thousands of dollars per month. Through proper planning out of pocket costs can be minimized. When it comes to estate planning, choose a law firm that is focused on your needs. Allen Law Office PLLC advises individuals about the legal challenges facing them. We counsel and provide clients with solutions.
Our unique process ensures that from the moment you engage our services, you are empowered with knowledge and provided a plan that is tailored to your situation. We realize that you have choices when choosing an attorney, and we believe that you should choose a specialist. We are not a general practice law office, rather we specialize in estate planning.
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Whether you have $100 or $1,000,000, you have an estate.
Simply put, an estate is the interest you have in "lands or any other object of property."
By definition Estate Plans are your instructions for estate asset disbursement to heirs at your death.
This includes drawing up a will, setting up trusts and gifting property.
Estate planning can be motivated by taxes, avoiding probate, ensuring your wishes are carried out correctly, protecting assets, or incentivizing your heirs to do well and be productive.
Simply put, an estate is the interest you have in "lands or any other object of property."
By definition Estate Plans are your instructions for estate asset disbursement to heirs at your death.
This includes drawing up a will, setting up trusts and gifting property.
Estate planning can be motivated by taxes, avoiding probate, ensuring your wishes are carried out correctly, protecting assets, or incentivizing your heirs to do well and be productive.
What is a will?
A will, also known as a "last will and testament" states your final wishes.
A will must be witnessed or completely in the testators handwriting (also known as a holographic will).
The more formalized a will (notarized with witnesses), the less likely it will be challenged.
There are many things that a will can and can't do.
Can name a trust as the beneficiary of your estate thereby creating a pour-over will to ensure all assets follow the distribution language within a trust.
Establish a testamentary trust to hold property for minor children, however a probate will be necessary to do this.
A will, also known as a "last will and testament" states your final wishes.
A will must be witnessed or completely in the testators handwriting (also known as a holographic will).
The more formalized a will (notarized with witnesses), the less likely it will be challenged.
There are many things that a will can and can't do.
Can name a trust as the beneficiary of your estate thereby creating a pour-over will to ensure all assets follow the distribution language within a trust.
Establish a testamentary trust to hold property for minor children, however a probate will be necessary to do this.
Generally, an irrevocable trust is a type of trust that cannot be changed after it becomes irrevocable without the approval of all the beneficiaries.
The trust can be irrevocable at the time of its creation or at another point in time, such as at the death of the trust creator.
Irrevocable trusts can be less flexible than a revocable trust but can provide some added benefits such as estate tax reduction, asset protection, charitable estate planning and Medicaid planning.
If your estate has the possibility of exceeding the federal estate tax exemption limits ($5.45 million per person as of 2015) then you may consider some type of irrevocable trust planning such as an irrevocable life insurance trust (ILIT).
The trust can be irrevocable at the time of its creation or at another point in time, such as at the death of the trust creator.
Irrevocable trusts can be less flexible than a revocable trust but can provide some added benefits such as estate tax reduction, asset protection, charitable estate planning and Medicaid planning.
If your estate has the possibility of exceeding the federal estate tax exemption limits ($5.45 million per person as of 2015) then you may consider some type of irrevocable trust planning such as an irrevocable life insurance trust (ILIT).
If you were unable to communicate your health care wishes during a health crisis, what would happen?
Would the doctors get it right?
With a health care directive you can have peace of mind that the right people are calling the shots and that your health care wishes are fulfilled.
The health care directive in Utah has two parts.
Part one deals with choosing your agent and giving them authority to act.
Health care agents are given authority to consent to or refuse care, hire and fire doctors, ask questions, get copies of medical records and get second opinions.
Would the doctors get it right?
With a health care directive you can have peace of mind that the right people are calling the shots and that your health care wishes are fulfilled.
The health care directive in Utah has two parts.
Part one deals with choosing your agent and giving them authority to act.
Health care agents are given authority to consent to or refuse care, hire and fire doctors, ask questions, get copies of medical records and get second opinions.
Many people confuse the terms "Living Will" with Living Trust or Last Will.
A Living Will is a legal document that outlines your health care wishes, if you were on life support and/or unable to communicate.
How much care do you want for the purpose of prolonging your life?
In Utah, there are four options: 1) I choose to let my agent decide, 2) I choose to prolong my life, 3) I choose not to receive care for the purpose of prolonging my life, and 4) I do not wish to express my preferences.
Some of the above options have "sub options" and you can always add additional comments to help your agent and doctors know your true desires.
A Living Will is a legal document that outlines your health care wishes, if you were on life support and/or unable to communicate.
How much care do you want for the purpose of prolonging your life?
In Utah, there are four options: 1) I choose to let my agent decide, 2) I choose to prolong my life, 3) I choose not to receive care for the purpose of prolonging my life, and 4) I do not wish to express my preferences.
Some of the above options have "sub options" and you can always add additional comments to help your agent and doctors know your true desires.
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